Structural Effects of Eurasian Integration

Abstract

The article analyzes the achievements, stages of the formation of Eurasian integration and shows the nature of the impact of integration processes on the economic situation of the participating countries. Eurasian integration processes from the moment of the creation of the Customs Union and before its reformatting into the Eurasian Economic Union and the common market of goods and services had a direct impact on the state and dynamics of the main macroeconomic indicators of the member states. The common economic space has led to the rapid transfer of macroeconomic effects, which makes it possible to consider the EAEU as a powerful factor in macroeconomic stabilization during crisis recessions. At the same time, the expectations of positive effects from the functioning of the EAEU were justified only in the initial stages of the formation of a common commodity market due to the effect of trade liberalization. The structure and geography of commodity flows in the EAEU developed inertia, due to the sectoral structure of the national economies of the Union member states. The trade interaction of the countries that make up the integration block is characterized by monocentricity and a higher level of differentiation, which makes it possible to compensate part of the losses while lowering the intensity of foreign trade to stimulate the development of the real sector. Investment cooperation in the EAEU is limited to traditional sectors of the commodity sector and trade finance. The buildup of synergistic effects between the countries of the EAEU has an extensive nature, while a transition to an intensification strategy is needed through the formation of production cooperation platform.