Eurasian Integration - driver of economic growth

Eurasian integration has become a true driver of economic growth for the member countries of the Eurasian Economic Union. 2017 was a fruitful year for the union. The union’s GDP grew by almost 2%. The mutual trade of the five countries grew by 27%. Trade negotiations with China and Iran were completed. Free Trade Zones may be created with these countries this year.

TIGRAN SARGSYAN, CHAIRMAN OF EEC BOARD:

 - We have implemented several breakthrough projects. We have passed the Customs Code. It was quite a difficult task, but we have managed to agree on all the provisions. The Customs Code came into force on January 1. These are advanced documents that create more favorable conditions for business.

In the end of 2016, the presidents of the EAEU member countries adopted a statement on digital cooperation, and this set one of the most important vectors of work throughout last year. The first priority is the control over the movement of goods, services and digital assets.

KARINE MINASYAN, EEC MINISTER IN CHARGE OF INTERNAL MARKETS, INFORMATION AND COMMUNICATION TECHNOLOGIES:

 - Kazakh Prime Minister has set priority in the development of such initiatives as digital transit corridors. This implies a digital cooperation in manufacturing and trade, creation of a single space for data turnover and exchange of digital assets. We have already agreed on the course of implementation and promotion of a number of initiatives and are now finalizing the last regulatory acts in order to launch these projects next year.

Adoption of the roadmap agreements in the transport sector was the most important event last year. Their implementation will allow removing transportation restrictions until 2025 for all types of transport within the EAEU. The development of strategies and policies for common oil and gas markets is nearing completion. One of the key achievements in protection of business interests is an increased involvement of entrepreneurs in the discussion of the state of business and assessment of the decisions taken by the Eurasian Economic Commission.

TIMUR ZHAKSYLYKOV, EEC MINISTER IN CHARGE OF ECONOMY AND FINANCIAL POLICY:

 - We have implemented more than 200 projects through this procedure in 2.5 years. Major changes have taken place: the main sphere, technical regulations, have also become subject to assessment of the regulatory procedure. This is what the business has to deal with on a daily basis.

The key EAEU projects for 2018 have been already outlined. Among them is the formation of Eurasian brands, development of the common market of medications, removal of remaining barriers in the EAEU market. Development of trade and economic relation with the third parties remains to be a priority as well.