Eurasian Economic Union [EEU]

By : Neha Dhyani

Updated : May 20, 2022, 9:58

The Eurasian Economic Union [EEU] was an initiative to boost the overall economic scenario across the territory of the five-member states. The treaty of EEU was marked on May 29, 2014, and it came out as an active initiative on January 1, 2015. The present estimated GDP of the EEU is over five trillion dollars, which defines the single market of production delivered by 180 million people.

Eurasian Economic Union [EEU] - Overview

The Treaty of EAU advocates and inspires trade across the territory by ensuring the free flow of goods and services. This aspect helps to elevate the economy. The EEU also takes part in the adoption and implementation of common macroeconomic policies, as well as the revision of policies governing international trade and investment. The treaty of EEU ensures the betterment of other sectors, including agriculture, transportation, energy, and antitrust legislation, by introducing common policies.

Belarus, Kazakhstan, and Russia are the first three countries that agreed to sign on to establish the Eurasian Economic Union. These three countries were once a significant part of the former Soviet Union's territory. other present members, including Armenia and Kyrgyzstan, came forward to join the EEU.

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Eurasian Economic Union [EEU] - Administrative Bodies

The Eurasian Economic Union has a supreme body that controls the overall function of the treaty. The supreme body is known as the Supreme Eurasian Economic Council. The heads of the member states run this organization by discussing and negotiating different matters beneficial to the EEU. The daily functions and affairs of the EEU are controlled by the executive body of the union, known as the Eurasian Economic Commission.

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Important Aspects of Eurasian Economic Union [EEU]

  • The Eurasian Economic Union is capable of yielding a huge amount of electrical energy that has exponentially boosted the economies of the member states. 9% of the world's electricity production comes from EEU.
  • With its coal production too, EEU has been able to acquire a huge growth rate. 5.9% of the world's coal production comes from EEU.
  • The EEU is emerging as a new superpower in the world as it has achieved the ability to produce almost 20% of the world's natural gas production.

It can be concluded that the initiative of forming the Eurasian Economic Union has been able to uplift the economy of its member nations. By 2025, Russia, Belarus, Armenia, and Kazakhstan want to develop a common hydrocarbons market as well as a common electricity market.

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FAQs on Eurasian Economic Union [EEU]

Q1. What was the main motive behind forming the Eurasian Economic Union [EEU]?

The Eurasian Economic Union [EEU] was formed by its member nations to achieve adequate economic growth across the territory, ensuring the better livelihood of its people. This agreement brought the member states closer to operating a comprehensive and more profitable economic system.

Q2. Which countries are members of the Eurasian Economic Union [EEU]?

The members of the Eurasian Economic Union [EEU] include Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia.

Q3. When did Armenia agree to join as a member of the Eurasian Economic Union [EEU]?

In October, Armenia signed an agreement to become a member of the Eurasian Economic Union [EEU]. The deal was enforced and Armenia became an active part of the EEU in January 2015.

Q4. Is India a member of the Eurasian Economic Union [EEU]?

A free trade agreement ( FTA) is likely to occur between India and the Eurasian Economic Union [EEU]. This step can be very beneficial for India as well as Russia in facilitating the economic situation for both countries.