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Tigran Sargsyan: "The EAEU has a profound economic implication and follows the global trend towards forming regional business associations"

Tigran Sargsyan: "The EAEU has a profound economic implication and follows the global trend towards forming regional business associations"

12/12/2019

"The Eurasian Economic Union is a young integration association, but we have come a long way in five years," Tigran Sargsyan, Chairman of the Board of the Eurasian Economic Commission (EEC), said at the conference Eurasian Economic Union: 5 Years - Is Everything Going Smoothly? organized by the American Chamber of Commerce in Russia (AmCham) and the US-Russia Business Council.

In his speech, the Chairman of the EEC Board emphasized that, although some people perceive the Union as a political project, but as the Eurasian integration deepens, most partners have come to understand that the EAEU is a project that has a profound economic implication and follows the global trend towards forming regional business associations. The life itself has necessitated forming a common economic space with the freedom of movement for goods, labor, capital, and services. According to Tigran Sargsyan, the first five years of the EAEU's activities have been a success. "Firstly, we have refined the mechanisms for effective interaction within our Union. These five years have become essential for all countries to feel the said mechanisms, to build up confidence, and, simultaneously, develop a new interaction culture. Probably, it is our most essential institutional achievement for the first five years," Tigran Sargsyan emphasized.

Touching upon the issues of trade and economic relations with external partners, the Chairman of the EEC Board pointed out the significant results achieved on the external track. "Through negotiations with third countries, we create regimes favorable for our business," Tigran Sargsyan noted. - The main instrument for pursuing this goal implies creating free trade areas with our partners. We have already signed agreements with Vietnam, Singapore, Iran, and Serbia, and we are conducting negotiations with Egypt, Israel, and India. Now we are discussing a new list of priorities for the countries to launch new agreements on free trade areas".

Tigran Sargsyan noted significant progress in the relations with the European Union: "Four years ago, we started our relations with the EU from their refusal to recognize the Eurasian Economic Union. In four years, we have made significant progress - in 2017, the Eurasian Economic Commission and the European Commission built a dialogue on such issues as technical regulation and trade. Currently, the dialogue covers even a broader range of issues. We have very active and fruitful contacts implemented through a variety of formats, including requests, consultations, visits of delegations, video conferences, etc. That is, we have not just solved the issue of the EAEU's technical recognition by the European Commission, but made our relations really meaningful".

The Chairman of the EEC Board also noted that the development of external relations depends on the efficiency of deepening integration within the association. "We must prove the sustainability of our integration association; fully implement the principles stipulated by our Treaty, in particular, the principle of four freedoms. I am sure that as our Union deepens, its partnership with the European Union will also deepen".

 In conclusion, Tigran Sargsyan noted that the Eurasian Economic Commission is working on a document designed to propose a new strategy for Eurasian integration. This document is scheduled to be discussed at a meeting of the Supreme Eurasian Economic Council on December 20.

The American Chamber of Commerce in Russia highly rates the Eurasian Economic Commission activities and closely cooperates with it. "It is the seventh conference held by jointly the Commission and the US-Russia Business Council, - reported Alexis Rodzianko, President and Chief Executive Officer of AmCham. - We highly appreciate cooperation with the EEC, which is essential for enhancing business opportunities of international companies - AmCham members within the Eurasian Economic Union. During our regular meetings and events, we discuss with our partners from the EEC the issues of the Eurasian Economic Union's economic, financial and trade policies, as well as new business opportunities that arise from the integration processes taking place across the EAEU".​