Task 4 You are going to read a text about the Eurasian Economic Union. Read the text and say what the key message is.
The Eurasian Economic Union (EAEU)
As you know, January 2015 witnessed an important step towards further integration in Eurasia, with the Eurasian Economic Union (EAEU) coming into operation. It comprises three members of the former Eurasian Customs Union (CU), Russia, Belarus and Kazakhstan, plus Kyrgyzstan and Armenia. Recent debates on Eurasian integration consider the EAEU to be a Russian hegemonic project in the region. However, the potential of this project is yet to be discovered.
The EAEU is the organization of regional economic integration, which doesn’t have any elements of political or military union. The question of integration in financial area, including monetary area, will be put on the table as far as necessary economic preconditions are archived.
The member-states agreed on creating a supranational body on regulating the financial market with the location in Kazakhstan by 2025, after completing the harmonization of legislation in the area of financial markets. The EAEU is based on the Declaration on Eurasian Economic Integration of November 18, 2011, guided by the principle of the sovereign equality of states, the need for unconditional respect for the rule of constitutional rights and freedoms of man. It is seeking to strengthen the solidarity and cooperation between peoples while respecting their history, culture and traditions, convinced that further development of Eurasian economic integration shall serve the national interests of the Parties.
The Eurasian Economic Union is driven by the urge to strengthen the economies of the Member States and to ensure balanced development, convergence, steady growth, balanced trade and fair competition.They ensure economic progress through joint actions aimed at solving common problems faced by the Member States with regard to sustainable economic development, comprehensive modernization and improving competitiveness of national economies within the framework of the global economy.The EEU members confirm their commitment to further strengthen mutually beneficial and equal economic cooperation with other countries, international integration associations, and other international organizations.
The Eurasian Economic Union’s treaty, of course, takes into account the regulations, rules and principles of the World Trade Organization, confirming their commitment to the objectives and principles of the United Nations Charter and other universally recognized principles and regulations of international law, have agreed as follows. Most of the western analysts agreed that Russian regional hegemony has not yet been formed, but has the potential to be completed. Hegemony has been consolidated domestically, and has started outward expansion through the EAEU as its institutional mechanism.
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Therefore, to succeed with its hegemonic project, the Russian government should not simply copy the EU’s institutional design but learn how to present the achievements of integration as successful efforts at creating a strong welfare system that favors key social groups in order to obtain social consent and take cultural leadership. The Eurasian Economic Union has an integrated single market of 183 million people and a gross domestic product of over 4 trillion U.S. dollars (PPP).The EAEU introduces the free movement of goods, capital, services and people and provides for common policies in macroeconomic sphere, transport, industry, agriculture, energy, foreign trade, investment, customs, technical regulation, competition and antitrust regulation. Provisions for a single currency and greater integration are envisioned in future. The union operates through supranational and intergovernmental institutions. The Supreme Eurasian Economic Council is the "Supreme Body" of the Union, consisting of the Heads of the Member States. The Eurasian Intergovernmental Council (consisting of the Prime Ministers of member states) represents the second level of intergovernmental institutions. The day-to-day work of the EAEU is done through the Eurasian Economic Commission (the executive body), which is a supranational body similar to European Commission. There is also a judicial body – the Court of the EAEU.
Comprehension
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