Anniversary Meeting of the Eurasian Intergovernmental Council

On August 9, 2019, the meeting of the Eurasian Intergovernmental Council of the EAEU ended in the city of Cholpon-Ata in Kyrgyzstan. This event marked the 5th anniversary of the signing of the Treaty on the Eurasian Economic Union and the 25th anniversary of the conceptualisation of ​​Eurasian integration.

Thanks to traditional Kyrgyz hospitality and the impeccable organisation of the summit, the heads of government of the member states were able to meet in a constructive atmosphere characterised by genuine mutual understanding. This gives us confidence that if steps are taken sequentially and conditions are stable, the EAEU will move forward and achieve progress.

The EAEU is an established economic association that operates on the basis of a charter; the strategy for its  development has been outlined by the leaders of its member nations in line with the fundamental principle of sovereignty. The Intergovernmental Council, in turn, is one of the most important bodies of the Union; its activities are in no way dependent on the internal socio-political processes within the member states.

The Intergovernmental Council meeting is a high-status event, for which both the host and the Eurasian Economic Commission make serious, extensive preparations. From an organisational point of view, the meeting proceeded flawlessly and, unquestionably, will be remembered for a long time.

It can be said that the Intergovernmental Council meeting yielded positive results. A consensus was reached on many issues; the positions of the parties moved closer together on other issues. Among the main topics of discussion where the implementation of the EAEU digital agenda, the interaction of the Eurasian Economic Union countries regarding spheres of industrial cooperation, trade cooperation, as well as the regulation of the alcohol market.

The key results of the summit include the approval of a framework for cross-border information exchange to ensure cooperation between legal entities (business entities) from different EAEU countries and in tandem with the regulatory authorities of the member states. The government heads also approved joint forecasts for the development of the bloc's agricultural sector, as well as the demand and supply balances of the EAEU countries' agricultural products, food, flax fibre, raw leather material, cotton fibre and wool for 2019–2020.

The Heads of Government also adopted an updated project data sheet, “Eurasian Network of Industrial Cooperation, Subcontracting and Technology Transfer”, and signed an agreement on the transboundary movement of hazardous waste through the customs territory of the EAEU.

The work to establish a common financial market is advancing successfully. The parties developed an action plan for an agreement on the harmonisation of financial market legislation, which was signed last year in Moscow by members of the Eurasian Economic Commission Council and the chairs of the nations' respective central banks. The countries are completing a concept for the formation of a common EAEU financial market and are committed to achieving this goal by 2025.

The EAEU: A Core Element of the Greater Eurasian Partnership
Viktor Shakhmatov
The Eurasian Economic Commission (EEC) is working to ensure the integration of the Eurasian Economic Union (EAEU) into the global economic architecture through the development of open, mutually beneficial and transparent relations with all partners in the East and the West, which makes the EAEU a core element of the Greater Eurasian Partnership,

In addition, the heads of government considered the legal framework for the creation of the so-called “Eurasian company” and instructed the Commission, together with the governments of the Union countries, to analyse the possibilities of harmonising corporate law for the implementation of such an entity. It will create favourable conditions for involving manufacturers in international cooperation, facilitate access to foreign markets and bolster the positioning of the Union companies in world markets. In addition, for certain sectors of the economy, this may become an incentive for a significant deepening of integration and the removal of obstacles in the domestic markets of the EAEU.

The summit events were not limited to the business sector. Plans were established to jointly issue commemorative postage stamps through the postal authorities of the member states in honour of the fifth anniversary of the Eurasian Economic Union; this took place on the sidelines of the meeting. In total, seven stamps were issued.

In addition, on the eve of the meeting in Cholpon-Ata, the Free Pyramid 2019 World Billiard Championship started, organized jointly by the Eurasian Economic Commission and the International Pyramid Confederation, with the assistance of the government of the Kyrgyz Republic. The championship brought together sports enthusiasts from around the world. The opening ceremony was attended by the Deputy Prime Ministers of the EAEU member states and the Chairman of the Board of the Eurasian Economic Commission.

As a result of the Cholpon-Ata meeting, a significant number of documents were adopted pertaining to the main areas of integration development, and the positions of the EAEU member states converged on the most controversial issues. Also, on the sidelines of the meeting, there were several successful planned activities pertaining to the business sector. The positive results of the recent summit of the heads of government set the tone for the upcoming meeting of the Supreme Eurasian Economic Council, which is slated to bring together the heads of state of the member countries on  October 1 of this year.

Views expressed are of individual Members and Contributors, rather than the Club's, unless explicitly stated otherwise.