Eurasian Economic Union Turns 5

This year marks the fifth year since the Treaty on the Eurasian Economic Union was signed and 25th year since the idea of the Eurasian integration was first announced.

Experts believe that the EAEU has been well established as an institution over the years.

The Eurasian Economic Union is a single customs area and economic space which provide for single macroeconomic, monetary and agricultural policies.

The institution also works to enhance the rights of consumers and migrant workers.

According to Chairman of the Board of the Eurasian Economic Commission Tigran Sargsyan, the EAEU has gained international recognition over the years.  

He said that more than 50 countries and international organizations want to establish institutional ties with EAEU, including free trade zones, memorandums of understanding and cooperation, and agreements on conducting joint actions.

“These activities show that the EAEU has been recognized on the international scale as a global economic organization,” he added.  

At the moment, the Eurasian Economic Union is set to continue enhancing integration.

According to Sargsyan, the union has a potential to expand borders and include new countries in the future.

The priority partners include countries, such as China, Iran, Egypt, India, Israel, Singapore and Serbia.