EAEU Contemporary Development: Results and New Challenges
https://doi.org/10.48137/2687-0703_2021_16_4_95
Abstract
The coronavirus pandemic, beginning in 2020, adversely affected the development of the Eurasian Economic Union (EAEU). The countries of the integration union faced economic problems. First the EAEU states were forced to increase spending on combating the pandemic and its consequences. Added budget cost and attracting external funds had a negative impact on the macroeconomic indicators in all states of the union. As a result, mutual trade within the integration union decreased. The situation began to change in 2021, when the EAEU countries managed to adapt their national economies to changes in the economic sphere. Measures taken in the countries of the integration union had a positive effect. Macroeconomic indicators were improved, the countries expanded interaction in foreign trade as well as within the integration union.
The development of the EAEU coincided with growing contradictions between Russia and the United States, which continued to actively use the sanctions policy, changes in political and economic relations between Belarus and the West, price changes in the world oil and gas markets.
The key objective of the EAEU countries is still by far enhanced interaction in the trade and economic sphere and overcoming the hurdles within the integration union. The need for removing barriers to internal trade within the EAEU, creating a mechanism ensuring the interests of the states in energy, industry and transport is therefore acute. Thus, moving to a qualitatively new level of the integration union development, which will have a positive effect on the development of national economies, is high on the agenda for the EAEU countries.
About the Author
S. S. Zhiltsov
Ministry of Foreign Affairs of Russia
Russian Federation
Russian Federation
Zhiltsov Sergey S., Doctor of Political Sciences, Diplomatic Academy
53/2, Ostozhenka str., Moscow, 119021
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Review
For citations:
Zhiltsov S.S. EAEU Contemporary Development: Results and New Challenges. Geoeconomics of Energetics. 2021;(4):95-108. (In Russ.) https://doi.org/10.48137/2687-0703_2021_16_4_95
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