/TASS/. The Russian President Vladimir Putin identified developing EAEU member states’ technological independence and forming a common innovation base in key industries as essential vectors of integration interaction
Starting January 1, Russia will take the helm as chairman of the Eurasian Economic Union (EAEU) – an organization that united Armenia, Belarus, Kazakhstan, Kyrgyzstan, and the Russian Federation back in 2015.
President Vladimir Putin announced the priorities of Russia’s EAEU chairmanship for 2023 on December 9 at an expanded meeting of the Supreme Eurasian Economic Council in Bishkek. In assessing the EAEU’s actions in 2022, he emphasized that this year showed the efficiency of cooperation within the organization. In the face of global market volatility and an adverse global political environment, the Union’s member countries managed not only to stabilize the macroeconomic situation, but also to improve a number of key indicators.
Thus, trade in food and agricultural products expanded by more than a third in the first nine months of 2022. The labor market evolved, and the “Work Without Borders” system was introduced, with over 500,000 vacancies and 2 million resumes. More than 75% of bilateral settlements between the association’s member countries were successfully transferred to national currencies.
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Russia’s priorities
According to Moscow, determining strategic guidelines and starting the preparation of a new basic document for economic integration is required for the EAEU’s future development, as the existing one is only designed to last until 2025. The Russian President identified developing EAEU member states’ technological independence and forming a common innovation base in key industries as essential vectors of integration interaction. He feels it is important to continue working on the coordinated introduction of information technologies, particularly electronic document management.
Russia also intends to focus its efforts on strengthening investment relations and creating favorable conditions for mutual investment. This will necessitate the streamlining of administrative procedures as well as the harmonization of taxation systems. Furthermore, during its chairmanship, Russia aims to address issues with the expansion of scientific and educational connections, interuniversity cooperation, and the enhancement of student tourism programs.
Single energy market
According to Putin, the formation of a common EAEU gas market should be a top priority for the next two years. The Council of Heads of Authorized Energy Authorities of the EAEU States, set up in December 2022, will deal with issues related to the establishment of common energy markets and the provision of essential energy resources to national economies.
The development of north-south and west-east transport corridors is another possible area of collaboration among EAEU participants. At the same time, not only the association’s members, but also many other countries willing to co-finance collaborative projects, are interested in developing transport infrastructure in the EAEU space, according to Putin.
Expanding cooperation
According to Putin, Russia supports the EAEU’s strengthening its international ties and during its chairmanship will facilitate the further extension of agreements with foreign partners. Moldova, Cuba, and Uzbekistan have already been granted observer status in the EAEU, and the EAEU has agreements on a free trade zone (FTA) with Vietnam, Singapore, and Serbia, as well as an agreement on trade and economic cooperation with China.
The EAEU parliaments will have to adopt the FTA deal with Iran, which was negotiated in December 2022. Negotiations on an FTA agreement with the UAE will also begin, in accordance with the December ruling.
