Eurasian Economic Union (EAEU)

News: India is set to commence trade negotiations with the Eurasian Economic Union (EAEU) this year.

About Eurasian Economic Union (EAEU)

• It is an international organization for regional economic integration in the former Soviet region.
• Founded in: It is established by the Treaty on the Eurasian Economic Union signed on 29 May 2014 and came into force on 1 January 2015.
• Aim: It provides for free movement of goods, services, capital and labor, pursues coordinated, harmonized and single policy in the sectors determined by the Treaty and international agreements within the Union.
• Members: The Eurasian Economic Union consists of five member states: Russia, Belarus, Kazakhstan, Kyrgyzstan, and Armenia.
• Structure
  • Eurasian Economic Commission (EEC): It is the permanent regulatory body of the EAEU.
    • The main purpose is ensuring the functioning and development of the EAEU, and developing proposals for the further development of integration.
    • Its headquarters is in Moscow.
    • Presidency: Each year, a member state is elected chairman to head the Union.
  • Court of the Eurasian Economic Union: It was formed by replacing the Court of the Eurasian Economic Community (EurAsEC Court) in 2015.
    • It is in charge of dispute resolution and the interpretation of the legal order within the EAEU.
    • Its headquarters is in Minsk.
  • Customs Union of the Eurasian Economic Union: It is a customs union of the member states of the EAEU which initially became effective on January 1, 2010.
• Drawbacks
  • The Commission’s power is limited.
  • Member states disagreeing with its judgements can appeal to other bodies, and the Commission has no power to bring a member state before the Court in a case of non-compliance.
  • Disputes are often resolved bilaterally rather than via EEU institutions.
  • Unlike the European Union (EU), the EAEU does not share a common