News

19.01.2024

EEC presented its work outcomes over last four-year period

The Eurasian Economic Commission has published a report on its activities in 2020-2023.

In his opening remarks, Mikhail Myasnikovich, Chairman of the EEC Board, gives key figures characterizing the development of the Eurasian Economic Union in the past four years: "In 2020-2023, the EAEU GDP increased by 4.1%, reaching 2.2 tln dollars. Industrial production grew by 8.3%, including in the manufacturing industry by 5.7%. Agricultural production increased by 11.8%. The volume of the EAEU States' mutual trade has increased by 1.5 times over the same period."

One of key events of the last four years in the EAEU is preparing the Strategic Directions for Developing the Eurasian Economic Integration until 2025 by the Commission and their subsequent implementation by the Heads of the Union States. The Strategy-2025 expanded the horizons of the Treaty on the EAEU and marked a transition from the formation stage to the stage of project integration.

Striving to accelerate its economic growth, the EAEU started to develop some approaches to intensifying the increase in the investment and innovation activity based on the efficient utilization of capacities, labor resources, and scientific and technical potential. A new mechanism for financing cooperation projects was developed, which will make it possible to begin their selection and implementation as early as 2024. The Agreement on using navigation seals for monitoring traffic in the EAEU has come into effect; its practical implementation should start in early 2024. An Agreement on mutual recognition of bank guarantees for public procurement was signed. Thus, the work on issues that had not been addressed for many years was actually completed.

On December 25, 2023, the Heads of State of the Eurasian Economic Union signed the Declaration of the EAEU development until 2030 and for the period until 2045 "The Eurasian Economic Path". The Declaration defines the Union's objectives for the medium term until 2030 on the way to its transformation by 2045 into a self-sufficient, harmoniously developed and attractive to all countries of the world macro-region, possessing economic, technological and intellectual leadership and maintaining a high standard of living of the Member States' population. Today, the EAEU is an important element of the architecture of international economic relations. In 2020, two States received the Observer State status at the EAEU: Cuba and Uzbekistan. Work with Iran to move from an interim to a full-fledged trade agreement was completed. Jointly with the SCO, ASEAN and CICA, a space of seamless connectivity is being formed in the Greater Eurasia; and jointly with the People's Republic of China, there is a coupling of the Eurasian integration and the Belt and Road Initiative. A constructive dialogue is being built with BRICS and the African Union. This work contributes to the practical implementation of the Greater Eurasian Partnership idea.

Along with that, according to the Chairman of the EEC Board, the Eurasian Economic Union has become an integral part of our life, a significant unifying force not only in the purely economic sense. "Despite all our differences, we have much more in common that unites us," Mikhail Myasnikovich emphasized. "Both from a universal perspective and from the perspective of our five countries' economies: the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic and the Russian Federation. I believe this is our core value that should be preserved and multiplied."

The report presents the progress made by all the Commission's Units: Chairman of the EEC Board; Integration and Macroeconomics; Economy and Financial Policy; Industry and Agriculture; Trade; Customs Cooperation; Competition and Antitrust Regulation; Technical Regulation; Energy and Infrastructure; Internal Markets, Informatization, Information and Communication Technologies.

The publication is in fact not only of a reporting nature. It is much broader in content: it includes both the historical part and the prospects for the Eurasian development, presented in materials on all areas of the Commission's activities.

The report was prepared by the Organizational Support and Protocol Department​ jointly with the Commission's Units. The report can be found at the following link.