What is the Eurasian Economic Union (EAEU)?

The Eurasian Economic Union (EAEU) is a regional economic integration organization that aims to promote economic cooperation and integration among its member states. It was established in 2015 and currently consists of five member countries: Russia, Belarus, Kazakhstan, Armenia, and Kyrgyzstan.

The main objectives of the EAEU are to create a common market, facilitate the free movement of goods, services, capital, and labor, and enhance economic competitiveness among its member states. The union seeks to eliminate barriers to trade and investment, harmonize economic policies, and foster closer economic ties among its members.

The EAEU operates based on a supranational governance structure, with a Eurasian Economic Commission serving as the executive body responsible for implementing and enforcing the union's decisions. It also has a Court of the Eurasian Economic Union to settle disputes related to the interpretation and application of the union's legal acts.

Trade agreements within the EAEU include the establishment of a common external tariff, which means that member states apply the same import duties on goods from non-member countries. This helps to create a unified trade policy and protect the interests of the union as a whole. Additionally, the EAEU has implemented measures to facilitate the movement of goods, such as the introduction of a single customs territory and the development of a common system for technical regulations and standards.

The EAEU has also signed various trade agreements with other countries and regional blocs, aiming to expand its economic cooperation and integration globally. For example, it has a free trade agreement with Vietnam and is in the process of negotiating similar agreements with countries like Iran, Egypt, and India.

Overall, the Eurasian Economic Union plays a significant role in promoting economic integration, trade facilitation, and regional cooperation among its member states, with the aim of enhancing their economic development and competitiveness in the global market.