Sergei Glazyev: "External shocks have become an incentive to strengthen integration in the EAEU"

Sergei Glazyev, Minister in charge of Integration and Macroeconomics of the Eurasian Economic Commission, was the keynote speaker at the parliamentary hearings on the priorities of Russia's presidency in the Eurasian Economic Union in 2023, held on April 18 in the October Hall of the House of Unions at the initiative of the Committee of the State Duma of the Russian Federation on Issues of the Commonwealth of Independent States, Eurasian Integration and Contacts with Fellow Countryman.

Sergei Glazyev presented a detailed analysis of the current situation in the EAEU, noting past period achievements as well as highlighting problematic issues of implementing the Treaty on the EAEU and the Strategic Directions for Developing the Eurasian Economic Integration until 2025.

“The response to external shocks: the pandemic, anti-Belarusian and anti-Russian sanctions – has had a positive effect in terms of integration. In 2022, the share of mutual trade increased by 14% as compared to 2021 and by a third as compared to 2020. That means, the worse the situation is abroad, the more incentives we have to strengthen integration and extend mutual trade, combine competitive advantages, and use the common economic space to adapt to external shocks," Sergei Glazyev emphasized. “Trade turnover increased and amounted to about one trillion dollars in 2022, and imports returned to the pre-pandemic levels.” 

There has also been a fundamental change in the trade pattern, the EEC Minister added. The role of the European Union has been drastically reduced, while there is an explosion in trade with eastern and southern partners. 

“China has become our main trading partner with sales volume approaching 220 billion dollars, the share with India has tripled, the trade share with Iran has sharply increased, and the trade share with Turkey has more than doubled,” Sergei Glazyev noted. 

The EEC Minister has emphasized that in light of the priorities of Russia's presidency in the EAEU, the Union's future strategic development should be driven by joint cooperation and investment, as well as the consolidation of sci-tech, innovation and technological potential within the EAEU. It is required to create a system of strategic management of the Union's economic development, including to elaborate long-term forecasts of scientific and technological development, joint programs and investment projects. Sergei Glazyev also dwelled on budgeting for the EAEU development.

The event was attended by heads of parliamentary groups, chairmen of committees, deputies of the State Duma of the Russian Federation, heads of federal executive bodies and constituent entities of the Federation, representatives of the Executive Office of the Government of the Russian Federation, the Eurasian Economic Commission, the diplomatic corps of the EAEU Member States, and the academia.