Historical and Economic Aspects of the Eurasian Economic Community

By Kozhakeyeva, Lyazzat; Kaipbayeva, Ainagul et al. | Review of European Studies, January 1, 2015 | Go to article overview

Historical and Economic Aspects of the Eurasian Economic Community


Kozhakeyeva, Lyazzat, Kaipbayeva, Ainagul, Chakenova, Balzhan, Zhylkyshybayeva, Karlygash, Adilbaeva, Aigul, Review of European Studies


Abstract

In the given work are presented, economic aspects of the Eurasian Economic Community, economic integration on the Eurasian space substantially depends on a consolidating role of Kazakhstan in strengthening and realization of rather fruitful ideas of EvrAzEC, it recognizes already many officials of the countries-participants of the CIS and the near abroad. Mutual relations within the limits of the integration union should be based on a priority of strategic interests over current problems, on collectivity accepted decisions one participants of the union. The Euroasian economic union-the international integration economic association, the contract on which creation on the basis of the Customs union of EurAsEC is signed on May 29, 2014 will come into force since January 1, 2015.

Keywords: commonwealth of Independent States, the Eurasian Economic Community, integration, customs Union

1. Introduction

Experience of implementation of agreements on the Customs union promoted preparation and signing of more large-scale document on close interaction and cooperation of the states. On March 29, 1996 presidents of Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic and the Russian Federation signed the Contract on deepening of integration in economic and humanitarian areas for the purpose of creation of community of the integrated states. The parties agreed to direct joint efforts on stage-by-stage deepening of integration in economy, science, education, culture, the social sphere at observance of the sovereignty of the parties, principles of equality and mutual benefit, inviolability of the existing borders, non-interference to internal affairs of each other. In February, 1999 on the basis of the previous arrangements the Contract on the Customs union and a common economic space which the Republic of Tajikistan joined was signed.

The contract on formation of the Euroasian Economic Community is signed on October 10, 2000 in Astana (Kazakhstan) by presidents of Belarus, Kazakhstan, Kyrgyzstan, Russia and Tajikistan. In it the concept of closer and effective trade and economic cooperation for achievement of those purposes and tasks which were defined by the Contract on the Customs union and a common economic space is put. Creation of EurAsEC, on the one hand, marked forward development of economic integration from a free trade zone (duty-free trade) through the Customs union (the blanket customs tariff concerning goods of the countries which aren't entering into the union) to a common market (free movement of goods, capitals, services, labor, a uniform trade policy concerning the third countries, the general currency policy).

Kazakhstan, however, demonstrated a different trade structure from those of Russia and Belarus. Kazakhstan appears to be more reliant on importing from Russia: the latter accounted for only 9% of its exports and for 45% of its imports at the time of establishing the CU. Trade flows between Belarus and Kazakhstan are rather weak: for instance, Astana imported only 1.5% of its total goods from Belarus in 2009, while its exports to Belarus were virtually non-existent (According to the official Kazakh statistics retrieved). The trends and figures above illustrate that the mutual trade in the CU was mainly aggregated by Russia, which had rather intense trade links with the two other members of the economic union, whereas Belarus and Kazakhstan had very limited trade flows in goods between them. The policies of the future EEU will have to account for this discrepancy. Given its declared objectives, the movement of other production factors will also be an important challenge for the EEU. The imbalances in the movement of capital prior to the establishment of the Customs Union were highlighted by Russia's structure of foreign direct investments. For instance, Belarus accounted for about 41% of accumulated direct investment from Russia to CIS countries, while Kazakhstan only received 4. …

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