Eurasian Economic Commission: New Structure and New Chairman

 

On October 16, a session of the Supreme Eurasian Economic Council took place, which was attended by President of Armenia Serzh Sargsyan, President of Belarus Alexander Lukashenko, President of Kazakhstan Nursultan Nazarbayev, President of Kyrgyzstan Almazbek Atambayev and Russian President Vladimir Putin.


During the talks, the countries of the Eurasian Economic Union (EAEU) discussed the most topical problems and prospects of the Union's development.

The heads of states discussed a number of issues related to the functioning of the Eurasian Economic Commission in the next cycle. In particular, it was decided that the new composition of the Commission Board will include 2 representatives from each country. Thus, there will be 10 Board Members - Ministers, including the Chair. According to the decision of the Supreme Council, Tigran Sargsyan will be the next Chairman of the EEC Board. Currently, he is the Ambassador Extraordinary and Plenipotentiary of the Republic of Armenia to the United States. Earlier, Tigran Sargsyan occupied the post of Prime Minister of Armenia. According to the Chairman of the EEC Board, Viktor Khristenko, Sarkisian is "the man who devoted much time to Eurasian integration, he was the key engine of Armenia's joining the EAEU." Tigran Sargsyan will head the work of the Commission since February 1 next year.


The Heads of States discussed cooperation of the Union countries in pairing the Eurasian Economic Union with the Silk Road Economic Belt (SREB). China has been and remains one of the key economic partners of the EAEU countries. At the end of 2014 trade turnover between the Union and China amounted to about 110 billion US dollars.


In 2013, China initiated the establishment of the New Silk Road Economic Belt, a global project to harmonize trade and economic cooperation among the countries participating in the project, to encourage infrastructure investments.

In view of China's initiatives and objectives of expanding economic and trade cooperation with China in May this year Supreme Eurasian Economic Council decided to start negotiations on agreement on trade and economic cooperation between China and the EAEU. Preparatory work is already under way. Formal negotiations are to commence in early 2016. This is not a preferential agreement yet, but an important stage in the development of economic cooperation, which orders the entire structure of relations and provides the basis for further progress.

The agreement is intended to become the main instrument of economic cooperation between the Union and China in the medium term, to form the economic dimensions of pairing EAEU and SREB in practice.

To coordinate cooperation between the countries of the Union on issues of pairing the EAEU and the Silk Road Economic Belt, the heads of the EAEU states adopted the relevant decision.

 

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