- Acronym: EAEU
- Type: Intergovernmental Organization
- Membership: 5 member states, 1 observer state
- Establishment: Established on 1 January 2015
- Official Language(s): Russian
- Headquarters: Moscow, Russia
The Eurasian Economic Union (EAEU) is an economic union of states located primarily in northern Eurasia. The union provides for the free movement of goods, services, capital, and labor, pursues coordinated, harmonized, and single policy in the sectors determined by the treaty and international agreements within the union.
Eurasian Economic Union History
The EAEU was established on 1 January 2015, following the signing of the Treaty on the Eurasian Economic Union by the leaders of Belarus, Kazakhstan, and Russia on 29 May 2014. The EAEU was created as a result of a series of treaties and discussions to integrate the economies of the member states more fully, building upon the Customs Union of Belarus, Kazakhstan, and Russia which was established in 2010.
Eurasian Economic Union Structure
The structure of the EAEU is designed to ensure effective collaboration and decision-making among member states:
- The Supreme Eurasian Economic Council: The supreme body composed of the Heads of the Member States.
- The Intergovernmental Council: Composed of the Heads of Government of the Member States.
- The Eurasian Economic Commission: The executive body responsible for implementing decisions, upholding the treaty, and managing the day-to-day business of the Union.
- The Court of the Eurasian Economic Union: Ensures the uniform application of the EAEU Treaty and other Union agreements.
Eurasian Economic Union Membership
Membership in the EAEU is open to any state that shares the objectives and principles of the Union. The EAEU currently comprises 5 member states and has 1 observer state.
Eurasian Economic Union Objectives
Economic Integration
The EAEU aims to promote comprehensive modernization, cooperation, and competitiveness of the national economies within the global economy.
Market Access
One of the key objectives is to ensure the free movement of goods, services, capital, and labor, and to pursue a coordinated policy in the sectors determined by the treaty.
Harmonization of Legislation
The EAEU strives for the harmonization of the member states’ legislation in various sectors to ensure the effective functioning of the Union.
Eurasian Economic Union Funding
The EAEU is funded through contributions from its member states. The budget is utilized for the functioning of the Union’s institutions and the implementation of its various initiatives and projects.
Eurasian Economic Union Projects
Common Markets
The EAEU focuses on the development of common markets for goods, services, capital, and labor, aiming to create an integrated economic space among the member states.
Industrial and Agricultural Cooperation
The Union promotes industrial and agricultural cooperation, focusing on the development of these sectors through joint initiatives and programs.
Customs Regulation and Trade Policy
The EAEU works on the harmonization of customs regulation and external trade policies to ensure a unified approach towards external economic activities.
Eurasian Economic Union Members
Member States
- Armenia
- Belarus
- Kazakhstan
- Kyrgyzstan
- Russia
Observer State
The Eurasian Economic Union represents a significant effort in regional economic integration, aiming to foster economic cooperation, development, and prosperity among its member states. With its structured approach to economic policy, free movement of resources, and harmonization of legislation, the EAEU continues to play a pivotal role in shaping the economic landscape of the Eurasian region.