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Eurasian Economic Union’s Supreme Eurasian Council to meet


Eurasian Economic Union’s Supreme Eurasian Council to meet

eurasian eco union
Photo: Mikhail Klimentiev/AFP/Getty Images

The Supreme Eurasian Economic Council is set to virtually convene today along with the heads of state of the Eurasian Economic Union (EAEU).

The agenda for the meeting includes 28 items varying from specific plans for increased regional integration to granting Cuba and Uzbekistan observer status for 2021. The most significant items will be the development strategy of Eurasian Economic Integration until 2025 and the second stage of the project to develop an EAEU common gas market with the establishment of a price for natural gas. The EAEU has long sought to create a common energy market, viewing it as developing mutually beneficial integration.

The COVID-19 pandemic-induced economic challenges have hindered trade growth for the EAEU—estimates forecast a potential 3.2% to 7.2% collective GDP contraction. As such, expect the Supreme Council to generate concrete steps for integration in energy, infrastructure and trade that could jump-start recovery.

Additionally, the Council will likely approve the document outlining strategic areas of Eurasian Economic Integration until 2025. As Russia attempts to maintain its influence in the region and moves towards the goal of establishing a free trade zone, expect to continue to see efforts to advance integration processes across the EAEU.

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