The markets of the EU and the EAEU cover a total of more than 630 million inhabitants with diverse markets that can complement each other. A common economic area can develop the necessary strength to effectively
work together on our European and Eurasian continents to address the global issues of the future.
Despite different levels of development of the two Unions, a dialogue, first of all on regulatory and technical level, should be moved forward. This should be done through creating lasting networks between officials of
the two commissions and by maintaining regular dialogue in the countries of the EU and the EAEU.
Besides establishing a free trade zone in the long-run, there are many regulatory and technical areas where we can already start working together right now:
LONG TERM GOALS:
- Free trade agreement
- Visa free regime
MID TERM GOALS:
- Harmonization of technical standards
- Harmonization of customs regulations
- Visa liberalization
- Shaping the Green Deal
- Harmonization of pharmaceutical regulations
- Alignment of VAT regulations
- Harmonization of logistics/transport regulations
Aims
1. Being a counterbalance to growing global protectionism.
2. Advancing the possibility of a free trade agreement between the EU and the EAEU.
3. Developing concrete proposals for cooperation In the interest of business of the EU and the EAEU.
A Memorandum, signed by all members, reflects the core objectives of the Initiative.
Arguments
Positive economic
impact
According to analyses such as those undertaken by the Munich Ifo Institute, creating a free trade agreement would be highly beneficial for both unions. The study suggests that a comprehensive agreement between the EU and EAEU would stimulate exports, boost industry, and have positive long-term macroeconomic effects such as increasing real income and GDP per capita in the EAEU and EU. (Read more)
Counterbalance to growing global protectionism
In a time when some countries are introducing high protectionist barriers, there is a genuine need to work out counter measures. The idea of the Common Economic Space between Lisbon and Vladivostok will demonstrate that a Free Trade Agreement is a win-win for all countries involved.
Political security and mutual confidence
Apart from concrete economic advantages, comprehensive cooperation between two unions will pave the way for the creation of a common humanitarian space. Such cooperation can be of vital importance for laying the groundwork for enduring security and building mutual confidence. (Read more)