The Eurasian Economic Union (EAEU) is an international organization for regional economic integration originally formed by Republic of Belarus, Republic of Kazakhstan and Russian Federation. Beside its founder’s other members are Republic of Armenia and Kyrgyz Republic.

In general, EAEU is a market of 184.8 million people, which is 2.4% of the world population. The EAEU provides free movement of goods, services, capital and labor, pursues coordinated, harmonized and single policy in the sectors determined by the founding Treaty and International Agreements within the Union members.

What are the dominant industries in the Union?

Members of the Union produce 634,2 million tons of oil, 744,7 million cubic meters of gas and generates 1.255,0 million kw/h of power. In other words, EAEU Members produce 14,5% of the global oil production, 20,2% of the global gas production and generates 4,9% of the global power production. This makes EAEU Members one of the most important producers in the field of energy industry.

In addition to this, manufacturing industry is vastly developed among EAEU Members, as they produce 5,0% of the global steel production, 16,6% of the global mineral fertilizers production and 4,7% of the global cast iron production.

Agriculture industry is also developed, and play important role for the EAEU Members. Gross production of grain and leguminous crops, as well as milk production is of the highest in the world.

Who governs The Eurasian Economic Union?

The EAEU is governed by:

• The Supreme Eurasian Economic Council,
• The Eurasian Intergovernmental Council,
• Eurasian Economic Commission, and
• The Court of the Eurasian Economic Union.

International Treats

The EAEU has signed Free Trade Agreements with the People’s Republic of China, Singapore and Vietnam. Beside this the EAEU signed Memorandum of Cooperation with the People’s Republic of Bangladesh, Memorandum of Understanding on cooperation in the field of agro-industrial complex with Government Secretariat for Agro-Industry of the Ministry of Production and Labor of the Argentine Republic, Memorandum of Understanding with the Ministry of Trade, Industry and Energy of the Republic of Korea, and many more.

Founded on 15th February 1991, the Visegrad Group (also known as the “Visegrad Four” or simply “V4”) represents the efforts of the Central European countries Poland, Hungary, Slovakia, and the Czech Republic to work together and become members of the European Union (EU). 

Although they achieved this mutual goal and became EU members, V4 members continued their cooperation in several fields, such as culture, environment, internal security, defense, science, and education. Furthermore, the members of the Visegrad Group are intensifying their cooperation in the fields of justice, transportation, tourism, energy, and information technologies.

Since V4 is not an institutionalized organization, all of the above stated is realized through periodical meetings of its representatives at various levels – from the highest-level political summits to expert and diplomatic meetings, to the activities of the non-governmental associations in the region, think-tanks and research bodies, cultural institutions or numerous networks of individuals.

Also, V4 organized platform known as International Visegrad Fund in the year 2000 with the aim of supporting the development of cooperation in culture, scientific exchange, research, education, exchange of students and development of cross-border cooperation and promotion of tourism—represents the civic dimension of V4 cooperation.

Besides cooperating on achieving goals in the mentioned fields, V4 members are also working hard and are dedicated to extending cooperation with other regional bodies and single countries, where their priorities are the Benelux Countries (Belgium, Netherlands, and Luxembourg), the countries of the Nordic Council of Ministers (Denmark, Finland, Iceland, Norway, and Sweden), countries within the EU’s Eastern Partnership (Armenia, Azerbaijan, Belarus, Georgia, Moldova, and Ukraine) and the Western Balkans (North Macedonia, Montenegro, Serbia, Albania and Bosnia and Herzegovina).

On the other side, countries like Germany, Austria, and Ukraine represent the most important economic and strategic partners of the Group.

Looking at the Human Development Report it is notable that all V4 members are high ranked countries where Poland is ranked as a 33rd country in the world, Czechia 27th, Slovakia 38th and Hungary 45th.

In addition to this World Bank Report – Doing Business 2019 ranked Hungary 53rd, Poland 33rd, Slovakia 42nd and Czech Republic 35th country in the world regarding ease of doing business.