Eurasian Economic Union

Why in news?

• The war in Ukraine may delay negotiations for a free trade agreement between India and the Eurasian Economic Union (EAEU)

About Eurasian Economic Union:

• The Eurasian Economic Union (EAEU) is a free trade agreement that came into being in 2015 to increase economic cooperation and raise the standard of living of its members.
• Member countries include Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan.
• Unlike the European Union (EU), the EAEU does not share a common currency.

Purpose:

• The EAEU ensures the free movement of goods, services, labor, and capital between the states, and provides for common policies in the macroeconomic sphere, transport, industry and agriculture, energy, foreign trade and investment, customs, technical regulation, competition, and antitrust regulation.

Structure:

• The EAEU heads of state comprise a governing body known as The Supreme Eurasian Economic Council, and the executive body which oversees day-to-day operations is known as the Eurasian Economic Commission, an analog to the European Commission.
• The Court of the EAEU serves as the judicial body.

Add ons:

• Russian President Vladimir Putin signaled his ultimate goal is to extend the Eurasian Economic Union to all of the post-Soviet states.

PRACTICE QUESTION:

Which of the following countries are members of Eurasian Economic Union?

1. Russia

2. China

3. Armenia

4. Mongolia

5. Kazakhstan

Select the correct answer using the code given below:

(a) 1,2 and 3 only

(b) 4 and 5 only

(c) 1.3 and 5 only

(d) 1,2,3,4 and 5

Answer