The Eurasian Economic Union (EAEU) brings together 83 million people and a gross domestic product of over $4 trillion. EAEU is run by the Eurasian Economic Commission and the Court of the EAEU form the judicial body. Russia is key party to the EAEU being the country to initiate this union as well as being the largest economy, political and military power in the bloc.
The Eurasian Economic Union (EAEU) is a political and economic union of Russia, Kyrgyzstan, Kazakhstan, Belarus and Armenia. The bloc creates and opens a single market for the Eurasian countries similar to that of the European Union. It aims to better enhance coordination and cooperation between neighbors – to compete more fluidly in today’s global market.
There are still some areas in the EAEU that still need to be overcome, like making sure competition with in the economic bloc is fair as reported by eng.belta.by. However, Eurasian Economic Union is making great strides like submitting documents of compliance to the World Trade Organisation (WTO) and is even looking into expanding the union with Iran seen a potential entrant.
Sanctions on Russia at moment are hindering the EAEU full potential.
By Mokgethi Mtezuka’