Member of the Board – Minister in charge of Integration and Macroeconomics of the Eurasian Economic Commission (EEC) Tatyana Valovaya believes, “The EAEU already contributes to the development of economic coherence and stability in Eurasia.” According to the Minister, the Union’s potential in this field is great and is highly valued by key international organizations, including the UN bodies. Tatyana Valovaya expressed such opinion having spoken at the special panel discussion “Economic Connectivity, Trade and Economic Relations in the Region of Greater Europe and in the Eurasian Space” within the framework of the 24th session of the Council of Foreign Ministers (CFM) of the Organization for Security and Cooperation in Europe (OSCE) held in Vienna on 8 December.
The event was organized by the International Institute for Applied Systems Analysis (IIASA). Honorary guests of the event were presented by the Minister of Foreign Affairs of the Republic of Belarus Vladimir Makei and the Minister of Foreign Affairs of the Republic of Kazakhstan Kayrat Abdrakhmanov.
“Today, it is obvious to many that regional economic integration is the driver of economic cooperation between states, which contributes to eliminating disparities in economic development, ensuring greater convergence of macroeconomic indicators, and ultimately enhancing the living standard of the population,” said Tatyana Valovaya. In addition, the Minister cited in her speech certain results of the analytical work conducted by the EEC in the preparation of the progress report on achieving the United Nations sustainable development goals in the EAEU region. This document was the first report developed on behalf of the regional economic association. Its presentation was held at the UN in July 2017.
The EEC Minister noted that largely due to the integration effects, the EAEU Member States had managed to reach the positive dynamics of economic growth in 2017. Earlier, in 2014-2016, despite the challenging external economic environment, development of the Eurasian economic space within the Union allowed for preventing significant setbacks on key socio-economic and macroeconomic indicators. It should be noted that the greatest degree of positive results from deepening of cooperation within the EAEU framework affected the new members Armenia and Kyrgyzstan, which are significantly outranking other EAEU partners in terms of certain indicators.
During the discussion, Tatyana Valovaya also emphasized that not only deepening of integration processes within the framework of an association, but to a greater extent the dialogue between regional integration associations and individual countries in Eurasia would strengthen economic cooperation and connectivity. The Minister is convinced that the interaction potential is not achieved in full. “It is encouraging that today’s debate on the economic connectivity takes place on the sidelines of the OSCE Council of Foreign Ministers,” said the EEC Minister by summarizing the conference results, “Given the unique nature of the OSCE and the available economic potential, the Organization can become a good choice for promotion and development of dialogue between integration associations.”