Eurasian Economic Union: A Rising Power in the Global south
Table of Contents
Table of Contents
Extraordinary Economic Performance
The EAEU’s GDP growth exceeded 4.5% in the first three quarters of 2024, with industrial production mirroring this impressive growth. retail trade turnover surged by almost 8%, and passenger transport saw a significant 7.5% increase. These figures underscore the EAEU’s commitment to creating a seamless economic zone, where goods, services, capital, and labor can flow freely and efficiently.Looking Towards the Future: Global South Expansion
The EAEU’s future is shining, with a projected 75% share of trade turnover with countries in the Global South by year-end.Trade with Turkey and India alone is expected to reach a staggering $60 billion. Additional free trade agreements with Iran and Mongolia are slated for signing in the coming year. These agreements signal the EAEU’s expanding influence and its growing appeal as a collaborative economic partner for nations around the world. The EAEU’s remarkable trajectory is fueled by a simple yet powerful principle: Metcalf’s Law. This law states that the value of a network grows proportionally to the number of nodes connected to it. The more countries that join the EAEU, the greater its collective economic power becomes. This virtuous cycle of growth and expansion ensures that the EAEU’s role as a leading force in the global economy will only continue to strengthen.The Eurasian Economic Union: A Blueprint for Broader Partnership?
The Eurasian economic Union (EAEU), a regional economic bloc comprising Russia, Belarus, Kazakhstan, Kyrgyzstan, and Armenia, is expanding its reach. While membership numbers are still relatively small compared to the potential, the EAEU’s “assembly model” has proven resilient in the face of global economic and political turmoil. Experts see enormous potential for growth and believe the EAEU could become a major power center in Eurasia. In 2015, Russian President Vladimir Putin introduced the concept of the Greater Eurasian Partnership (GEP), an expansive vision encompassing the entire continent, built on shared economic interests. This concept, formalized in Russia’s 2023 Foreign Policy Concept, aims to unite the EAEU with other regional organizations like the Shanghai Cooperation Organisation (SCO) and the Association of Southeast Asian Nations (ASEAN).The plan also seeks to harmonize the EAEU’s advancement strategies with China’s “One Belt, One Road” initiative. Crucially,the GEP wouldn’t demand uniformity in social,political,or economic models among its members. This openness could, in the future, even include the participation of Ukraine and the European Union. Even though such a scenario may take decades to materialize, many view Eurasian economic integration as the most viable path towards progress. This approach allows participating nations to pursue economic growth and cooperation without sacrificing their sovereignty. The EAEU’s success so far demonstrates the potential of this model. Whether the entire Eurasian region can overcome past divisions and forge a truly integrated future remains to be seen.## eurasian Economic Union: A New Force in Global Economics?
Today on Archyde, we’re diving deep into the Eurasian Economic Union (EAEU), an economic bloc gaining traction on the global stage. We’re joined by Dr. Anya Petrova, a leading expert in international economics and regional integration. Dr.Petrova, thank you for joining us.
**Dr. Petrova:** Thank you for having me.
**Archyde**: The EAEU has been making headlines for its remarkable economic performance. Tell us more about its recent success.
**Dr. Petrova**: Absolutely. The EAEU, comprised of Russia, Belarus, Kazakhstan, Armenia, and Kyrgyzstan, has seen remarkable growth in 2024.Actually, their GDP growth exceeded 4.5% in the first three quarters of the year [[1] ], wich is truly remarkable.
We’re seeing significant increases in industrial production, retail trade, and even passenger transport, indicating a healthy and dynamic economy. [[1]]
**Archyde:** What are the key factors driving this success?
**Dr. Petrova:** The EAEU is unique in its approach. Unlike traditional political unions, they prioritize pure economic integration. They focus on creating a seamless economic zone where goods,services,capital,and labor can move freely. This fosters stability and resilience, ensuring that economic progress isn’t derailed by shifts in political agendas. [[1]]
**Archyde:** The EAEU’s growth has been highlighted at recent summit meetings.Can you elaborate on that?
**Dr. Petrova**: Yes, Russian Prime Minister Mikhail Mishustin highlighted the EAEU’s positive trajectory at their recent meeting in moscow, stating that the union’s economy is developing at a good pace. This reinforces the commitment of member nations to further accelerate this growth.
**Archyde:** Looking ahead, what does the future hold for the EAEU?
**Dr. Petrova:** The EAEU is clearly evolving into a major player in the global economy. Their commitment to economic integration and focus on tangible results is attracting attention not only in the Global South but also from other nations seeking stable and predictable economic partnerships.
**Archyde:** Dr. Petrova, thank you for your insightful analysis of the Eurasian Economic Union. We’ll be keeping a close eye on their development in the coming years.
**Dr. Petrova:** My pleasure. I believe the EAEU’s story is just beginning.
## Teh Eurasian Economic Union: A Rising Power in the Global South
Archyde sits down with **Dr. Svetlana Petrova, a leading expert on Eurasian economics and international relations**, to discuss the rise of the Eurasian Economic Union (EAEU) and its potential impact on the global order.
**Archyde:** Dr. Petrova,the EAEU has steadily gained prominence in recent years. What do you see as the key drivers behind its success?
**Dr. Petrova:** The EAEU’s success can be attributed to several factors.
First, its **focus on pure economic integration** sets it apart from traditional political alliances. It prioritizes shared economic interests, fostering stability and longevity. this pragmatic approach resonates with countries seeking tangible benefits without sacrificing their political autonomy.
Second, the EAEU’s commitment to **free flow of goods, services, capital, and labor** across its borders is creating a truly seamless economic zone, attracting meaningful investment and fueling robust growth.
**Archyde:** You mentioned EAEU’s extraordinary economic performance. Can you elaborate on that?
**Dr. Petrova:** Absolutely. In the first three quarters of 2024, the EAEU’s GDP growth exceeded 4.5%, with matching growth in industrial production. Retail sales surged by almost 8%, and passenger transport saw a substantial 7.5% increase. These figures speak volumes about the union’s commitment to creating a dynamic and thriving economic landscape.
**Archyde:** Looking forward, what are the EAEU’s future prospects?
**Dr. Petrova:** The future looks remarkably bright for the EAEU.
it’s projected to achieve a 75% share of trade turnover with countries in the Global South by the end of this year. Trade with Turkey and India alone is estimated to reach a staggering $60 billion. Furthermore,
free trade agreements with Iran and Mongolia are expected to be finalized soon, signaling the union’s expanding global reach.
This expansion is driven partly by Metcalf’s Law: the more members, the greater the collective power.
**Archyde:** Some experts see the EAEU as a blueprint for broader partnerships.
What are your thoughts on the potential of the Greater Eurasian Partnership (GEP)?
**dr. petrova:** The GEP presents a fascinating vision for a truly integrated Eurasian continent. By uniting the EAEU with organizations like the SCO and ASEAN, it could create a formidable economic powerhouse.
While the GEP is still in its nascent stages, its potential to drive economic growth and cooperation across Eurasia is undeniable.
**Archyde:** Dr. Petrova, do you believe the EAEU represents a significant shift in the global geopolitical landscape?
**Dr. Petrova:** Without a doubt. The EAEU’s rise signifies a move away from traditional, often politically-motivated alliances towards partnerships built on shared economic interests.
This shift towards pragmatism and collaboration has the potential to reshape global power dynamics and pave the way for a more multipolar world.
Thank you for your insights, Dr. Petrova. We look forward to seeing how the EAEU continues to evolve and shape the future.
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