Eurasian Economic Union (EAEU)

EAEU Summit Held in Armenia

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On October 1, the EEU Summit was held in Yerevan. Its key feature was the increased attention to foreign economic activity: an agreement was signed on a free trade zone with Singapore and new areas of cooperation with Iran were outlined. At the same time, the adoption of the concept of the common financial market of the EAEU and the adoption of new measures in the field of traceability of goods became an equally important result of the summit.

The format of the Yerevan EAEU summit initially looked unusual. In addition to the five Heads of State of the EAEU and the Chairman of the Eurasian Economic Commission, Tigran Sargsyan, the heads of three foreign countries that are not members of the Union participated in its work – the President of Moldova Igor Dodon, the President of Iran Hassan Rouhani and the Prime Minister of Singapore Li Xian Lun. The presence of Dodon was explained by the fact that Moldova has the status of an observer state in the EAEU and has recently been striving to actively participate in its work, while the leaders of Iran and Singapore have become honored guests of the summit.

One of the most notable events of the EAEU Yerevan summit is the approval of the concept of the formation of the common financial market of the Union, which, according to the President of Belarus Alexander Lukashenko, will lay the foundation “for ensuring free movement of capital and services.” The concept was developed by the governments and central banks of the Union states in conjunction with the Eurasian Economic Commission. They must ensure its practical implementation.

The document reflects the goals, principles, stages, criteria and main directions of the formation of the common financial market of the EAEU. Until 2025, the EAEU countries will have to agree on the mutual recognition of licenses in the banking and insurance sectors, as well as the cross-border supply of financial services in the securities market.

Read more related articles about Asia: https://www.diplomacy24.com/category/asia/

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