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EAEU created a regulatory legal framework for assessing regulation impact on businesses
On March 13, the Board of the Eurasian Economic Commission addressed the introduction of a new procedure — actual impact assessment (AIA) of decisions taken by the Commission on entrepreneurship within the Eurasian Economic Union. Draft international treaties within the EAEU will now undergo regulatory impact assessment (RIA), too, in addition to draft decisions of the EEC Board, as was previously the case.
“The adoption of this decision made it possible to complete the establishment of the regulatory legal framework necessary for the introduction into the Commission's practice of procedures for assessing the impact of supranational regulation on the conditions for doing business in the Union. The launch of the AIA and the expansion of the RIA to draft international treaties will make it possible to assess the entire life cycle of regulation in the Union. Also, the procedures will allow to identify relationships between the goals of adopting a regulatory legal act and the effect that it entailed,” noted Bakhyt Sultanov, EEC Minister in charge of Economy and Financial Policy.
According to Bakhyt Sultanov, the introduction of these procedures will increase the involvement of business community representatives of the Five States in the processes of establishing and improving regulation in the EAEU.
For reference
The requirement to carry out AIA procedures for decisions adopted by the EEC and RIA for draft international treaties within the EAEU is provided for by the Second Major Protocol on Amendments to the Treaty on the EAEU, signed on March 31, 2022 and effective since February 12, 2024.
The procedure for conducting AIA for decisions adopted by the EEC and RIA for draft international treaties within the EAEU is established by amendments to the EEC Rules of Procedure, approved by Decision No. 23 of the Supreme Eurasian Economic Council dated December 25, 2023, which also came into force on February 12, 2024.
