Modern directions of economic cooperation between the countries of the Eurasian Economic Union: results and prospects

Abstract

The article is devoted to the economic development of the Eurasian Economic Union member states. On consideration of the legislative and regulatory framework the priority areas of economic cooperation are identified, key tools and mechanisms for their implementation are considered, the prospects and main results expected from the integration of economic development of the EAEU countries are explored. The evaluation of integration effect by 2030 provided in the article suggests that the contribution of EAEU countries’ economic integration in the development of the Union will provide an overall cumulative effect: $210 billion, GDP growth of the member States to 13%. Special attention is given to the questions of creating the conditions for the increase in business activity and investment attractiveness in EAEU countries. According to official figures the volumes of accumulated foreign direct investment of the EAEU countries in Eurasia increased by $38 billion over the 2008-2014 period and amounted to $71 billion at the end of 2014. The most large-scale investment projects in such fields as engineering, aviation industry manufacturing, construction industry, deep oil refining and transport infrastructure are considered.