Dmitry Pankin: The creation of the EAEU is a real achievement for its participants

Astana, 13 December 2016. The creation of the Eurasian Economic Union (EAEU) is a real achievement for its participants after several "integration false starts" of the 1990s and 2000s.  Dmitry Pankin, Chairman of the Management Board at Eurasian Development Bank (EDB), stated this at a meeting with the teaching staff and students of Gumilyov Eurasian National University in Astana.

Dmitry Pankin noted, in particular, that the focus on the EAEU would help Kazakhstan to diversify its economy by creating new industries and jobs, to successfully continue industrialisation and reach new heights in development.

The speaker also emphasised that, despite that the EAEU had serious achievements, there were still issues to solve. The work on the pharmaceutical markets, amendments to the Customs Code, the creation of a common power market, a single financial regulator and common oil and gas markets are parts of a complicated and sensitive process. The head of EDB supposes that final resolutions would be a compromise between the EAEU members.

Dmitry Pankin noted that the rules of global trade were subject to tectonic changes, often unfavourable for the EAEU countries.  The speaker believes that a resolution to this could be a systemic work to develop free trade zones similar to one with Vietnam. Free trade zone agreements are currently being discussed between the EAEU and Israel, Serbia and Singapore. Other potential partners include India, South Korea, Chile, Thailand, South Africa and Iran. In addition, the EAEU and China began discussions to develop a non-preferential trade and economic cooperation agreement. The EAEU's participation in China's new Silk Road Economic Belt initiative is also being discussed actively.

The head of EDB is confident that the potential mutually beneficial cooperation between the EAEU and China should give an additional serious impetus to regional development as well as transport, energy and financial ties in Central Asia, the Siberia and the Far East.

Dmitry Pankin's meeting with the teaching staff and students of Gumilyov Eurasian National University took place on 13 December 2016.   The head of EDB was elected an Honorary Professor of the university.