Eurasian Economic Union:
Discussions on a free trade agreement between India and the Eurasian Economic Union countries are expected to start this year, Russian Trade Commissioner in India, Andrey Sobolev, said recently.
- The Eurasian Economic Union, abbreviated by EAEU or EEU, is an international economic union of countries located in northern Eurasia.
- The EAEU provides for the free movement of goods, services, capital, and labor; and pursues coordinated, harmonized, and single policy in the specified sectors of the economy.
- It is the successor to the Eurasian Economic Community (EvrAsEs) and was established by the signing of the Treaty on the Eurasian Economic Union on 29 May
- It consists of five member states: Russia, Belarus, Kazakhstan, Kyrgyzstan, and Armenia.
- The main objectives of the EAEU are to upgrade the competitiveness of the member states economies, increase cooperation among member states, and promote stable development to raise the standard of living in all member states.
- Eurasian Economic Commission (EEC) is the permanent supranational regulatory body of the union based in Moscow.
- The main purpose of the Commission is to ensure the functioning and development of the EAEU and
develop proposals for the further development of integration.
