EURASIAN ECONOMIC UNION Flashcards
What is the main purpose of the Eurasian Economic Union (EAEU)?
create a single market like the European Union (EU).
It aims to achieve this by coordinating economic policy, eliminating non-tariff trade barriers and modernizing the economies of its five member states.
How does a state become a member of the EAEU?
The Union membership is open for any state, which shares the goals and principles of the EAEU, on the terms agreed by Member States. The Republic of Armenia became a member of the Union in 2015. Any interested state is provided with the possibility to get the Observer State status. Currently, the observer states of the EAEU are Cuba, Moldova and Uzbekistan.
What are the roles and functions of the Supreme Eurasian Economic Council?
a supreme body of the Union, which consists of the Heads of the Member States.
The Supreme Eurasian Economic Council and the Eurasian Intergovernmental Council make their decisions and give orders by consensus.
What are the roles and functions of the Eurasian Intergovernmental Council?
consists of the Heads of the governments of member states
The Supreme Eurasian Economic Council and the Eurasian Intergovernmental Council make their decisions and give orders by consensus.
Why was the EAEU Customs Code introduced, and what benefits did it bring to customs procedures within the union?
It simplified customs procedures, established the priority of the electronic form of documents submission and integrated the mechanism “single window”. Thanks to the code, the time required for the release of goods for free circulation has been reduced dramatically
What are the key objectives set by the Strategy-2025 for developing economic integration within the EAEU?
The Strategy-2025 sets the following main objectives: complete formation of the common market for goods, services, capital and labor; improved efficiency of regulating the EAEU common market; transfer to a qualitatively higher level of customs regulation and administration, etc. It also determines the international activities of the Union aimed at further developing economic cooperation with third countries, regional integration associations and international organizations.
How does the Declaration signed on December 25, 2023, envision the future development of the EAEU until 2045?
It will form:
1) a common space of cooperative interaction and cooperation in the field of technological development;
2) a common transport and logistics space;
3) a common financial market;
EAEU will have turned by 2045 “into a self-sufficient, harmoniously developed and attractive macro-region for all countries of the world, possessing economic, technological and intellectual leadership and maintaining a high level of well-being of the population of the member states.”
How does the EAEU engage in international activities to promote sustainable economic development and cooperation with other countries and organizations?
The EAEU international activities will focus on intensifying the interaction with the CIS states and other neighboring countries, cooperation with observer states, developing a systematic dialogue with the Shanghai Cooperation Organization (SCO), the Association of Southeast Asian Nations (ASEAN), the BRICS countries
EAEU is an …
international organization of regional economic integration with international legal personality (правосубъектность)
When the Agreement on the Eurasian Economic Union was signed?
The Agreement on the Eurasian Economic Union was signed by the presidents of the Republic of Belarus, the Republic of Kazakhstan and the Russian Federation on May 29, 2014.
What is the single-window system?
The single-window system is a trade facilitation concept which allows an international trader to submit information to a single agency, rather than having to deal with multiple agencies in multiple locations to obtain the necessary papers, permits, and clearances to complete their import or export processes.
