What is the Eurasian Customs Union?

The Eurasian Customs Union (EACU) is a trade agreement established in 2010 between three countries: Russia, Belarus, and Kazakhstan. Its main objective is to create a common economic space by eliminating trade barriers and promoting the free movement of goods, services, capital, and labor among its member states. The EACU aims to enhance economic integration, increase competitiveness, and foster economic cooperation among its members.

The key features of the Eurasian Customs Union include the establishment of a common external tariff, which means that member countries apply the same import duties on goods coming from non-member countries. This helps to create a level playing field and prevent unfair competition among member states. Additionally, the EACU implements a unified system of non-tariff regulations, such as technical standards and sanitary measures, to facilitate trade within the union.

The Eurasian Customs Union also includes a common market for goods, services, and capital. This means that companies from member states can operate freely within the union without facing trade barriers or restrictions. It also allows for the free movement of labor, enabling citizens of member countries to work and live in any of the member states without needing additional work permits or visas.

Furthermore, the EACU aims to coordinate economic policies among its members, including industrial, agricultural, and monetary policies. This coordination helps to align the economic development strategies of member states and promote mutual benefits.

Overall, the Eurasian Customs Union plays a significant role in promoting regional economic integration and cooperation among its member countries. It aims to enhance trade relations, increase investment flows, and boost economic growth within the union.