EAEU Marks 5th Year of Formation

The Eurasian Economic Union has marked the fifth anniversary of its formation.

The economic union has reached significant results over the years and has outlined a work plan for the next five years. The EAEU plans to form a single financial platform as well as create common electricity markets and oil and gas industry by 2025. Governments of the EAEU member countries will begin the work to ensure the implementation of the single market services in the next two years.

“All member countries of the Eurasian Economic Union have maintained macroeconomic stability. This is mainly the result of EAEU’s promotion in the international arena as a separate entity of the world economy. It means that the EAEU is ranked 45th in the list of 140 countries in 2018,” said Bekzhan Sadykov, Senior Researcher of Kazakhstan Institute for Strategic Studies 

The EAEU has become a prominent player in the international economic arena in the last five years. Today, the economic union is a dynamic and large market with population of over 180 million, located at the crossroads between Europe and Asia. Most importantly, the union has great growth potential and is open to the entire world.

“Macroeconomic attractiveness contributes to the growth of interest by other countries. About 50 agreements have been signed with 50 countries including Greece, Cuba and others,” Sadykov said.

The EAEU showcases steady growth of economic performances. Analysts said that the union’s investment in fixed assets grow by six percent annually. More thanUS$325 billion have been invested in the EAEU countries, while over 10,000 joint ventures were created in the last five years. EAEU’s gross domestic product has increased by 15.3 percent, amounting to about US$2 trillion.

Photо: eurasiancommission.org