Eurasian Economic Union’s development prospects as well as cooperation areas with key partners and regional associations were discussed in Astana. The Eurasian Development Bank’s chief Dmitry Pankin shared his views on these issues with the Gumilyov Eurasian National University’s teachers and students. According to Pankin, the EAEU orientation will allow the integration association’s member states to diversify their economies. The speaker also stressed the significant achievements of the Eurasian Economic Union.

DMITRY PANKIN, CHAIRMAN, EURASIAN DEVELOPMENT BANK:

This year, a significant number of very important documents were adopted, including the single customs code. I also consider one of the important outcomes of this year, the formation of a single market of pharmaceuticals. It implied hard, large-scale work. Using compromises the final result was reached. That is, the process is underway. I think it is very important that real, practical steps are taken.

The Eurasian Development Bank’s chief stressed that global trade undergoes great changes. According to the speaker, a good response to it may become a systematic work on building a network of free trade zones, for instance with Vietnam. Currently, such an agreement is being worked out with Israel, Serbia and Singapore. The business communities of India, South Korea, Thailand, Iran and some other countries expressed their intention to strengthen cooperation with the EAEU. The EAEU’s participation in China’s new strategic concept “Silk Road Economic Belt” is well under discussion. The EDB’s chief is confident that the prospects for mutually beneficial cooperation between China and the Union should give additional impetus to regional development, as well as transport, energy and financial cooperation in Central Asia, Siberia and the Far East.

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