The Progress and Challenges of Integration within the EAEU and the New Development Paradigm
The consequences of the pandemic and the stress that this has brought to the global economic environment have posed a major challenge to the workings of intergovernmental organizations, and have created a potential barrier to increased integration. The approval of a document entitled Strategic Directions for Developing Eurasian Economic Integration until 2025 by EAEU heads of state has therefore been an important and timely development. The strategy outlines the logic underlying the development of the union, and methods to achieve the goals set out in the EAEU Treaty. It also aims to expand collaborative efforts to achieve integration, sets out new areas of focus, and specifies priorities for development over the medium term. Thus, the events of 2020 have essentially acted as a catalyst for Eurasian integration, and have provided an opportunity to identify strengths and weaknesses, review successful initiatives, and take proactive steps. International interest in the EAEU among other countries, intergovernmental organizations, and the business community is clearly growing. However, the international situation continues to shift, which in turn requires a pragmatic response. In order for the Eurasian Economic Union to continue to develop across all areas, a careful balance must be struck between traditional and new areas of cooperation on issues related to integration. This session will examine the outcomes of the Eurasian project over the six years since the union was established. What has been achieved, and what remains to be done? The aims of the 2025 Strategy to attain greater and better integration will also come under focus. Which areas will see greater convergence? What benefits will people living in the EAEU receive from the additional boost to entrepreneurship? What institutional reforms are needed to secure a breakthrough? What will be the key industries to focus on over the coming five years?
