Eurasian Economic Union’s future uncertain

Kazakhstan Materials 15 October 2014 14:54 (UTC +04:00)

Baku, Azerbaijan, Oct. 15

By Elena Kosolapova - Trend:

The future of the Eurasian Economic Union creating by Russia, Kazakhstan and Belarus is uncertain, researcher at CIDOB Barcelona Centre for International Affairs Nicolas de Pedro believes.

"The Eurasian Union project lacks solid economic narrative and logic," de Petro told Trend on Oct. 15. "It is politically controversial among its own members."

De Pedro said there is an evident lack of consensus among the union's current members regarding the foundations, headline goals and spirit of the Eurasian Union.

He said the situation will not change significantly even with the integration of Armenia or Kyrgyzstan which have already applied for joining the union.

The strong determination of the Kremlin with this project seems equivalent to the reservations of Belarus, and, particularly, Kazakhstan towards stronger integration, de Pedro said.

De Pedro also said that the Eurasian Economic Union will unlikely be very profitable for its members.

"Regarding benefits and losses it seems unclear whether the project is even beneficial for Russia herself," de Pedro said. "It seems more a protectionist step in favor of some obsolete Russian industries than a project envisioning a more competitive and better-integrated Eurasian market playing a bigger role within the globalized economy."

The Eurasian Economic Union, also known as the Eurasian Union, is an economic union which is planned to be established by a treaty signed in May 2014 between the leaders of Belarus, Kazakhstan, and Russia. All the three countries have already ratified the agreement on its creation. The Union will officially go into effect on 1 January 2015.

The common market of the future Eurasian Economic Union will include 170 million people.

Edited by T.T.