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“Eurasian Economic Integration” reference report
The Government of Russia, together with the Ministry of Economic Development, the Analytical Centre under the Russian Government, and the Russian Foreign Trade Academy, has prepared the reference report “Eurasian Economic Integration” as part of the year of Russia’s chairmanship of the bodies of the Eurasian Economic Union.
The document presents information about the main development phases of the Eurasian integration project, compiles the main trade and socioeconomic indicators of the EAEU countries, and provides a detailed description of the integration spheres the member countries cooperate in, such as customs regulations, energy, finance, transport and logistics, industry, and technical regulations among other areas of cooperation.
Development phases of the Eurasian integration projects
1991 – establishment of the Commonwealth of Independent States
1995 – Customs Union Agreement
2012 – launch of the Eurasian Economc Commission, supranational regulatory body of the Customs Union and Common Economic Space
2014 – signing of the EAEU Treaty
Main trade and socioeconomic indicators of the EAEU
Over 2015–2022, trade within the EAEU grew by 87 percent: from $44.5 to $83.3 billion. Foreign trade grew by 59 percent.
The EAEU ranks first in the world in oil production, second in the production of gas and mineral fertilisers, and third in the production of wheat, potatoes, and livestock products.
Since the creation of the union, its GDP has grown by 7.3 percent ($2,598.4 billion), agricultural products by 26 percent ($170 billion), and industrial production by 16.9 percent ($1,639.2 billion).
In 2022, the unemployment rate hit a record low 4 percent.
Today the EAEU countries are fully self-sufficient in vegetable oil, grain, pork, and lamb production, and they plan to achieve complete self-sufficiency in poultry meat and chicken eggs by the end of 2023.
Integration spheres
Customs/customs tariff regulation: unified customs legislation, circulation of goods on the EAEU internal market without customs declaration and state control.
Technical regulation and SPS measures: 52 Eurasian technical regulations have been adopted, the requirements of which cover 85 percent of products circulating within the EAEU. Mutual trade in regulated/livestock products has grown by 58.7 percent since the creation of the EAEU (up to $7 billion).
Energy and transport
The union fully covers internal demand for all key energy resources: gas, oil, petroleum products and electricity, trading them duty-free within the EAEU. Freight has increased by 12.4 percent since the creation of the EAEU and amounted to 6.3 trillion t-km.
Work migration
Equal income tax rates for workers from EAEU member states as citizens of the country of employment. Working citizens from the EAEU have the right to receive medical care on equal terms with citizens of the state of employment, as well as mandatory social insurance benefits in case of temporary disability.
Financial markets
In the financial sector, the member countries are developing payment and settlement relationships using national currencies in mutual trade (in the first quarter of 2023, their share in the trade of goods amounted to 89 percent) and expanding the use of their own payment systems with 80 percent of EAEU state banks already connected to the financial messaging system.
Digitalisation
As part of the digital agenda, four projects are being implemented: the Work Without Borders unified search system, an ecosystem of digital transport corridors, a Eurasian network of industrial cooperation, subcontracting and technology transfer, and digital technical regulation.
International cooperation
Several formats of cooperation with third countries:
EAEU observer state: Cuba, Moldova, Uzbekistan.
International treaties, including agreements on free trade zones: Vietnam, Serbia, China, Iran.
Memorandums of cooperation: Bangladesh, Greece, Indonesia, Cambodia, Mongolia, UAE, Peru, Singapore, Chile, SCO, Andean Community, ASEAN, African Union, MERCOSUR, SIECA, CIS, etc.
Strategic areas for the development of Eurasian economic integration
Eleven areas in which to further develop integration processes, 332 measures and implementation mechanisms, 523 specific measures to achieve declared goals and objectives.
When preparing the report, the corporate style selected for the events of the year of the Russian chairmanship of the bodies of the EAEU was used, which was created by combining the colours of the national flags of the member states and observer states of the Eurasian Economic Union, adorned with the traditional ornaments of the union nations, as well as the symbols of each EAEU member state.
Technical assistance during the report preparation was provided by the Analytical Centre under the Russian Government and the Roscongress Foundation.
