Eurasian Economic Community EurAsEC Customs Union Russia

Also available in: Comunidad Económica Euroasiática Affaires Asie EurAsEC   Negocios Asia EurAsEC

Course summary Eurasian Economic Community (EurAsEC):

Common Economic Space. Economic profile EurAsEC region: Belarus, Kazakhstan, Kyrgyzstan, Russian Federation, Tajikistan

The Eurasian Economic Community (EurAsEC ЕВРАЗИЙСКОЕ ЭКОНОМИЧЕСКОЕ СООБЩЕСТВО) is an international economic organisation created to effectively further the process undertaken by the Parties to form a Customs Union and Common Economic Space, as well as for the realisation of other goals and objectives related to enhanced integration in the economic and humanitarian fields.

Members: Belarus, Kazakhstan, Kyrgyzstan, Russia, Tajikistan.
* Uzbekistan (suspended in 2008)
Observers: Armenia, Moldova, Ukraine

EurAsEC member states occupy a total area of 20.3 m sq. km. Their population exceeds 181 million people  (2.7% of the global population). The trade turnover of the member states has increased three times since 2002, and in 2007 exceeded USD 90 bn. The region produces 3.5% of the world’s GDP.

EurAsEC (Eurasian Economic Community) has vast resources of minerals and raw materials. In 2010 Community states possessed 9% of prospected oil resources worldwide, 25% of gas and 23% of coal; their share in the generation of electrical energy amounted to 5.5% globally; steel production was 5.4% and grain production 5.7%.

Example of the course Eurasian Economic Community (EurAsEC):

The Resolution on Establishment of the EurAsEC Customs Union was adopted by the heads of six Community states at a EurAsEC Interstate Council meeting on 6 October 2007. At the same time it was determined that at the initial stage the Customs Union shall be formed by three Community countries – Belarus, Kazakhstan and the Russian Federation, and that other EurAsEC members should join at a time when their economies and legislative systems are ready. The Customs Code for the three countries came into effect on 6 July 2010.

In December 2009 at an informal summit in Almaty the presidents of Belarus, Kazakhstan and the Russian Federation approved the Plan of Action for 2010-2011 on forming a Common Economic Space (CES) comprised of the three countries. It envisages the drawing up and signing by 1 January 2012 of twenty international treaties to enable the establishment of the CES.

The Eurasian Business Council (EBC) was established by the EurAsEC Integration Committee, the Association of Financial and Industrial Groups of Russia, the ‘Russian Union of Industrialists and Entrepreneurs’ all-Russian public organisation and the Trade and Industry Chamber of the Russian Federation.

Topic: Globalization and regionalization