Russian Trade Agreement

The European Union and the United States, as well as other Western countries, remain critical of the Eurasian Economic Union and analysts say that the Union will have little impact without modernisation and real economic reforms. [10] The popular magazine The Economist stated that the benefits of joining the union were not clear,[95] and added: “The agreement was vague, the technical details were not resolved, making it a political and non-economic spectacle.” [150] Outlets also stated that, without Ukraine, the Eurasian Economic Union lost a key Member State necessary for the success of the Union. The business magazine of Bloomberg Businessweek confirmed that Putin`s eurasian Union membership looks like a bad deal, including for Russia. The union “will not really register on the radar of the global economy,” said an analyst at the EU Institute for Security Studies in Paris. [151] In addition, an investigation revealed that the EAEU was not yet in a position to contribute to economic growth in Armenia – on the contrary, it has significantly slowed the country`s economic performance. 4. There is nothing in this note or agreement that limits the application of an existing or future agreement between the contracting parties on trade in textiles and textile products. In 1994, in a speech at Moscow State University, Kazakhstan`s first president, Nursultan Nazarbayev, proposed the creation of a “Eurasian Union” as a regional trading bloc to join and benefit from the expanding economies of Europe and East Asia. The vision would be to facilitate the free movement of goods in Eurasia. [14] [15] [16] The idea was quickly seen as a means of promoting trade, stimulating investment in Central Asia, Armenia and Belarus, and complementing the Eastern Partnership. [15] [17] Russia has the world`s largest natural gas reserves,[132] the eight largest oil reserves[133] and the two largest coal reserves.

[134] Russia is also the world`s largest exporter of natural gas[135] and the second largest producer of natural gas,[136] the largest oil exporter and the largest oil producer. While oil and gas trade between resource-rich Russia and Kazakhstan is relatively low, the Belarusian economy relies heavily on access to Russian hydrocarbons and, unlike Kyrgyzstan and Armenia, Russia is Belarus` main trading partner, accounting for 47% of total trade. Belarus imports Russian crude oil (45-50% for the production of petroleum products for export) and natural gas (which has not been directly re-exported) at below market prices and pays $173 per 1000 cubic meters of gas ($250 for Armenia, $430 for Ukraine). [131] The Russian Economy Minister said that Turkish Economy Minister Nihat Zeybekci had presented an initiative to strengthen cooperation with the Eurasian Economic Union, including the creation of a free trade area between the EU and Turkey. [160] 5.

Comments are closed.