You are here

Eurasian Economic Union mitigating Belarus' economic difficulties

The Eurasian Economic Union (EEU) has significantly minimized the difficulties that the economies of the participating countries are experiencing. On February 19 a meeting took place in Belarus' Council of the Republic, the upper chamber of the parliament, to discuss the present and the future of the integration association.

Currently, the volume of mutual trade in the framework of the association has decreased slightly, but there are reserves. According to the chairman of the upper house of Belarus' Parliament, one must be very persistent in making decisions. In addition, it is necessary to exercise a responsible approach to the implementation of the four freedoms: movement of goods, services, capital and labor. However, there are already some positive trends too.

Mikhail Myasnikovich, Chairman of the Council of the Republic of the National Assembly of the Republic of Belarus:
Within the framework of the Customs Union, the Single Economic Space, in 2010-2014, the trade turnover between our countries grew by 1.3 times. The implementation of the EEU's principle of the four freedoms is designed to ensure the further growth of the bilateral trade and the economies of the participating countries. The most anticipated positive consequence of the integration is the expansion of the market for goods and services.

The common market of the Eurasian Economic Union is $900 billion in volume annually. Now the main task is to create equal conditions for the participating countries in the framework of the single market and at the same time to allow competing with the products of the states that are not included parties to the EEU. The Eurasian Union is about 1 year old. During this time work has been done in various fields. Already in operation are 6 technical regulations on vehicle safety.

Gennady Svidersky, Deputy Minister of Industry of the Republic of Belarus:
We agreed and implemented on the territory of the EEU some common principles on requirements to industrial products' safety. And I think that this is very useful, it allows us to create a single market. And this work will continue. Now, I know that we are going to develop uniform regulations on energy efficiency, which is also very important for home appliances in EEU countries.

Vladimir Dzhabarov, Deputy Chairman of the International Affairs Committee of the Council of Federation of Russia's Federal Assembly:
There are lots of issues under consideration. The structure of the Union will be formed closer to 2025. We will also be deciding on the currencies. Now all laws relating to the economic bloc, first undergo an examination for compliance with all of our interstate agreements in the framework of the Eurasian Union.

EEU mitigating Belarus' economic difficulties