Eurasian Economic Union–a platform for economic cooperation

June 30, 2015

Last week in Riga, the Eurasian Economic Union (EEU) presented its operational principles and strategic goals at a session organised by the ambassadors of the EEU states – Russia, Kazakhstan, Belarus, and Armenia – to Latvia. 

The goals of the Eurasian Economic Union target the establishment of a unified Eurasian space based on business and economics, which should be a significant factor to promoting cooperation and great new opportunities for entrepreneurs. The EEU has set a target of developing unified trade, monetary and taxation policies, which should drive optimal levels of economic integration. 

Eurasian Economic Commission Minister for Development of Integration and Macroeconomics Tatiana Valovaya has noted that one of the most important tasks at this time is initiating dialogue on economic cooperation between the EEU and the European Union (EU). “The EU is the most important external trade partner for the EEU, with more than 50% of its exchange of goods taking place with countries in the European Union. The EEU may become a platform that connects Europe to Asia; more than 40 countries worldwide have expressed their desire to work with the EEU, up to and including conclusion of free trade agreements”.
Baltikums Bank Chairman of the Board Dmitrijs Latiševs also took part in the event, which was widely attended by diplomatic and business representatives alike. “Active commenting and debating by entrepreneurs from Latvia is emblematic of our common interest in the establishment of a unified economic space, a significant platform for further development of business within the Eurasian region”, D. Latiševs remarked. “As an international bank with clientele in the East as well as the West, we stand to gain a lot from cooperation and integration between the two unions – the EU and the EEU – and we work to stay informed about these processes,” the Baltikums Bank Chairman of the Board added.

On 29 May 2014, the presidents of Russia, Kazakhstan and Belarus had met in Astana, the capital of Kazakhstan, to sign an agreement on establishing the EEU. In early 2015, Armenia acceded to the union; Kyrgyzstan is expected to join the EEU later this year.

The main talking point at last week’s event was that the EEU is an economic union aimed at promoting business by leveraging four core values: free movement of goods, free movement of services, free movement of capital, and free movement of labour. 

Ingrīda Šmite
Public Relations Manager