Global governance, which has encouraged world economic growth and development, is under transformation, shifting towards multipolarity. The US-led Bretton Woods order is giving way to a new configuration of global power, new coalitions of states, new governance, and new institutions. This process has largely been triggered by the US retreat from global duties. But who could be the new guardian of globalization?
In the light of the implications of China’s Belt and Road Initiative (BRI) for Greater Eurasia and, in particular, Eurasian Economic Union (EAEU) countries, this paper assesses the prospects of seven actual and potential trans-Eurasian overland transport corridors. Based on the analysis of trade flows, railway tariffs, existing restrictions and individual routes’ potential efficiency, the most promising overland China–EU and China–EAEU transport corridors and their prospective goods nomenclatures are identified. China–EAEU–EU transit is interpreted as the ‘story of the container’. The principal interests of EAEU countries in developing BRI transport corridors are identified, as are the opportunities that involvement in China’s BRI affords for the promotion of a substantial transit business and, most importantly, better regional and interregional connectivity within both the EAEU and Greater Eurasia.
This paper is based on a comprehensive report by the EDB Centre for Integration Studies. It combines macroeconomic, microeconomic, and sociological (both quantitative and qualitative) approaches to assessing the state of labor migration, its effects on Kyrgyzstan’s human capital, and the potential impact of Kyrgyzstan’s accession to the Belarus-Kazakhstan-Russia Customs Union (CU) and Single Economic Space (SES) for Kyrgyz labor-resource flows. It also examines money transfers, the labor-market environment, institutions and migratory networks, the education system, and workforce training.
By building a network of economic alliances across continents, the BRICS may take the lead in shaping global economic integration against the backdrop of waning integration impulses in the developed world. Apart from opening new pathways and fostering new alliances, the BRICS could also perform the role of an ‘aggregating platform’ for some of the RTAs (Regional trade agreements) and other types of agreements.
This paper assesses the current results of the establishment of the Eurasian Economic Union (EAEU). On the one hand, the EAEU has not been an impeccable “success story”. The EAEU's progress has slowed after initial rapid progress. On the other hand, it has achieved much. The EAEU is best viewed not as an exception to general rules of regional economic integration, but rather as a functioning customs union with its own successes and stumbling blocks, enriched by several additional quite developed areas of economic integration. This paper reviews the state of Eurasian institutions, the single market for goods and services, the state of mutual trade and investment flows among member states, ongoing work to eliminate non-tariff barriers, problems pertaining to the efficient coordination of macroeconomic policies, progress toward establishing an EAEU network of free trade areas, the state of the common labor market, and the dynamics of public opinion relative to Eurasian integration in the five member states.
The Treaty of the Eurasian Economic Union (EAEU), in force in 2015, marked the transition to the deep regional economic integration, including the coordination of macroeconomic and monetary poliсies. The paper provides quantitative analysis of the costs and benefits of the ultimate scenario, namely of the hypothetical monetary union. The analysis indicates that the monetary union would require a large-scale preparatory work by the EAEU member states and is justified only in the long term.
The article addresses the issue of dollarization in the Republic of Belarus. The authors elaborate on possible measures to reduce the level of dollarization in the country.
The paper appraises current progress in establishing the Customs Union and the Eurasian Economic Union (EAEU). Although the progress has slowed down after the initial rapid advancement, the Union is better viewed not as an exception from the general rules of regional economic integration but rather as one of the functioning customs unions with its successes and stumbling blocs. The paper reviews the state of Eurasian institutions, the establishment of the single market of goods and services, the situation with mutual trade and investment flows among the member states, the ongoing work on the liquidation/unification of non-tariff barriers, the problems of the efficient coordination of macroeconomic policies, progress towards establishing an EAEU network of free trade areas with partners around the world, the state of the common labor market, and the dynamics of public opinion on Eurasian integration in the five member states.
Evgeny Vinokurov. “Among Partners: The Eurasian Economic Union.”
The Eurasian Economic Union, founded in 2015, is the most important integration project in post-Soviet space. After more than two decades of disintegration and failed reintegration, Russia, Belarus, Armenia, Kazakhstan, and Kyrgyzstan now have for the first time a common market for goods and services. However, some goods are exempt and non-tariff barriers are numerous. For now, coordination of monetary and fiscal policies remains only a goal. Just as important as internal integration is the expansion of cooperation with China and the European Union as the new common market’s most important partners. The creation of a “Fortress Eurasia” would be suicide.