EaEU

 Eurasian Economic Union (EaEU)

What is the Eurasian Economic Union (EaEU)?

The Eurasian Economic Union (EaEU) is an economic union comprising states primarily in northern Eurasia, established to promote regional economic integration, facilitating free movement of goods, services, and people within the union.

Key Features of the EaEU:
• Member States: The union includes five countries: Russia, Belarus, Kazakhstan, Armenia, and Kyrgyzstan.
• Economic Integration: Aims to foster economic integration akin to the European Union, featuring free trade, a common external tariff, and coordinated economic policies.
• Establishment: Formed officially in 2015, evolving from the Eurasian Customs Union and the Single Economic Space.

Importance of the EaEU:

1. Economic Collaboration: Encourages economic collaboration and integration among its member states.
2. Facilitation of Trade and Movement:
Enables free movement of goods, services, capital, and labor across its member states.
3. Policy Harmonization: Strives for the harmonization of economic policies, including taxation and regulations, among its members.
4. Regional Influence: Bolsters the geopolitical influence of its member states, particularly Russia, in the Eurasian region.

Conclusion
The Eurasian Economic Union represents a concerted move towards deeper economic integration among its member states. It is an economic bloc that also strengthens political and economic relationships and influence in the Eurasian area.