Analysis of Global Economic and Political Factors and Challenges of the Eurasian Economic Integration

Abstract

The development of the EAEU takes place in the context of the formation of a new system of world economic relations and the transformation of the rules of world trade. Further areas of multilateral cooperation between states and regional integration associations are emerging (including the digital economy, cryptocurrencies). As a consequence of the aggressive foreign policy of economically developed countries, the regionalization of trade and economic ties is gaining popularity, which makes it urgent to reformat trade relations with regional integration associations. Along with this, the primary integration effect associated with the opening of national markets and the simplification of trade rules, which manifested itself at the first stages of the formation of the customs union and the single economic space (CES), is being exhausted. The volumes of mutual trade of the member states are changing, but its share in the capacity of the common market of the EAEU remains virtually unchanged from year to year. The further growth of trade and economic ties within the EAEU is mainly due to the removal of existing obstacles and the qualitative improvement of the conditions for doing cross-border business. Various negative phenomena distort the integration agenda and substantially neutralize the positive effects of integration. The reasons noted above make the task of a comprehensive study of the economic and geopolitical factors of the integration of member states and new challenges to the integration processes urgent. To develop approaches to strategic planning for the development of the EAEU, adequate assessments of the use of the integration potential of the member states should be made and areas with the most significant reserves for building up integration cooperation should be identified. The full involvement of Armenia and Kyrgyzstan in the orbit of the Eurasian economic integration, as well as severe changes in the external economic situation that have occurred in recent years, require the actualization of possible scenarios for the development of the Eurasian Economic Union and the development of new tactics for the response of the EAEU and the Union member states to newly emerging factors and challenges affecting on integration processes.