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SEEC generally approved Strategy for Developing Eurasian Economic Integration until 2025

SEEC generally approved Strategy for Developing Eurasian Economic Integration until 2025

5/19/2020

At the same time, the Union countries' governments were instructed to finalize the document by the next meeting of the Supreme Eurasian Economic Council, which is planned to be held as a face-to-face meeting.


Strategic directions include general (conceptual) provisions and 330 measures and mechanisms grouped into 11 system blocks, which disclose the provisions of the Declaration on further development of integration processes within the Eurasian Economic Union.


Chairman of the EEC Board Mikhail Myasnikovich emphasized at the summit that the document maintains continuity, and also takes into account international experience and instructions of Heads of the Union States.


“Draft Strategy-2025 is aimed at increasing the self-sufficiency of our Union and the economic growth of Member States,”
noted Mikhail Myasnikovich. "The document contains mechanisms to complete the formation of common markets without barriers, exceptions and restrictions, as well as approaches to develop new focus areas, joint innovation and investment. Guidelines have been laid down for the creation of joint manufacturing facilities for highly competitive products and advance development of the Union’s economy based on a new technological paradigm. These measures are also designed to increase the EAEU's share in global trade.”


The document provides for using the potential of the Eurasian Development Bank, the Eurasian Fund for Stabilization and Development, and the Astana International Financial Center. The Strategic Directions are focused on forming a digital space and expanding digital infrastructure. Another vector is further expanding a network of the Union’s trade relations with third countries, which is especially important given the expected rise of protectionism.


“The draft strategic directions have one more novelty, since a number of their provisions envisage raising the living standards of our citizens,”
said the Chairman of the EEC Board.


Mikhail Myasnikovich added that, within the framework of implementing the strategic directions, it is advisable to have the integration agenda harmonized with national development plans and programs, having emphasized that considering this issue is of "paramount historical significance".


Full-scale implementation of the document implies building up new forms of collaboration between the Union's governing bodies, including the EEC, and the national governments of the EAEU countries. Deploying a strategic planning system, developing new areas of integration, and raising the efficiency of technical and customs regulation will require more intensive interaction between the EEC and authorized national departments, as well as the full functioning of the EAEU IIS. To accomplish its introduction, access should be provided to relevant databases in the Union countries.


The list of measures and mechanisms actually constitutes a “road map” for further development of integration between the EAEU States; its implementation provides for further elaborating and signing 13 international treaties, more than 60 EAEU regulatory legal acts, and introducing about 25 amendments and supplements to the Treaty on the Union, as well as amendments to the EAEU Member States' national legislations.


The Strategic Directions will be implemented in stages until 2025. At the same time, general monitoring of their implementation will be conducted by the Eurasian Economic Commission's Board.​