Context:
India is “seriously considering” initiating discussions for a free trade agreement with the Eurasian Economic Union (EAEU), as announced by the Foreign Minister of Belarus during his recent two-day visit to India.
Relevance:
GS II: International Relations
About the Eurasian Economic Union (EAEU)
- The Eurasian Economic Union (EAEU) is an international economic union and free trade zone that includes countries in central and northern Asia and Eastern Europe.
- It was established by the Treaty on the Eurasian Economic Union, signed on May 29, 2014, in Astana.
- Member countries are Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan.
Objectives
- The EAEU aims to upgrade and increase the competitiveness of national economies, enhance cooperation, and promote stable development to improve the living standards of the Member States.
- It facilitates the free movement of goods, services, capital, and labor.
- It pursues coordinated, harmonized, and unified policies in sectors determined by the Treaty and international agreements within the Union.
Structure
- Supreme Eurasian Economic Council: The highest authority, consisting of the heads of the Member States.
- Eurasian Economic Commission: Based in Moscow, it acts as the permanent supranational regulatory body, ensuring the Union’s functioning and development, and proposing further integration measures.
- Court of the EAEU: Based in Minsk, it serves as the judicial body of the Union.
Key Characteristics
- Unlike the European Commission, the Eurasian Economic Commission has limited power.
- Member states can appeal its judgments to other bodies, but the Commission cannot compel a member state to appear before the Court for non-compliance.
- Disputes are typically resolved bilaterally rather than through EAEU institutions.
- Unlike the European Union (EU), the EAEU does not have a common currency.
-Source: Times of India
