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What is Eurasian Economic Union?

What is Eurasian Economic Union?

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.