Eurasian Economic Union: Evolution, challenges and possible future directions

Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia formed the Eurasian Economic Union (EEU) with the aim of fostering closer economic cooperation among member states for the well-being of the people of the region. This paper critically analyses the history and evolution of the EEU as well as its success, challenges and prospects. Despite numerous attempts and initiatives, the EEU's actions have hardly achieved any significant success because most of its goals have either been declarative in nature or politically motivated and not taken seriously. Russian domination, influence, control and pressure may also be reasons for lack of progress and success. Long, bitter historical memories and distrust among the member states also made the integration process difficult. The article concludes that this latest attempt at integration in the former USSR region seems to be in trouble and may result in failure because of deteriorating economic conditions in Russia, the crisis facing the ruble, Russia's continuous conflict with Ukraine and distrust among the member states. Keywords: Kazakhstan, Russia, Eurasian Economic Union, regional integration, economic development, single economic space

Abstract licence: CC BY-NC

A person counts once a day per paper. We keep no cookie and no address: a reader is a hash that changes every day. Any month under five reads shows no number.