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Eurasian Integration in a Multipolar World

 Published: 13:20, 24 May 2023

Eurasian Integration in a Multipolar World

Within the context of the rapidly changing geopolitical situation, Moscow will host the second Eurasian Economic Forum on 24–25 May and the focus will be based on reviewing and designing new paths of economic integration and the search for suitable paradigms of cooperation among the members in the Eurasian region. In addition, the sessions will attempt discussing how to forge effective cooperation with external players especially those from the Asian and Pacific region.

The second Eurasian Economic Forum is being held as part of the Russia’s presidency of the EAEU bodies. The aim is to improve cooperative ties in the Eurasian space, under the motto ‘Eurasian Integration in a Multipolar World’ and the forum programme includes some 35 sessions,which are divided into seven thematic tracks.

Participants in the session ‘EAEU-SCO-BRICS: Open Integration Dialogue’ will discuss the creation of a broad partner network of interstate associations and ways to intensify their cooperation in light of the reformatting of the global economic architecture.

The session participants will discuss key areas of cooperation, the effects of the implementation of a transport and logistics mega-project in Greater Eurasia for Eurasian Economic Union (EAEU) countries, prospects for monetary and financial cooperation, the transition to new forms of settlements for mutual trade between the countries of these integration associations in the current conditions, as well as the role of collaboration between the associations in stabilizing the general economic situation around the world.

The session will be attended by Chairman of the Board of the Eurasian Economic Commission Mikhail Myasnikovich, Shanghai Cooperation Organization (SCO) Secretary General Zhang Ming, Sherpa of the Republic of South Africa in BRICS Anil Sooklal, and other prominent experts. The discussion will be moderated by Anatoly Torkunov, rector of the Moscow State Institute of International Relations of the Russian Ministry of Foreign Affairs.

Broadening mutually beneficial cooperation between the integration formats not only contributes to the growth of national economies, but could also have a significant impact on creating new approaches to how the global market functions. The Greater Eurasia space has unique trade, economic, transport, and logistics advantages, while the human potential and resources of BRICS countries could significantly enhance the effect of this cooperation.

“I am certain that during the discussion, the experts will manage to find ways to practically apply the combined capabilities of EAEU, SCO, and BRICS states and propose specific ways to develop interaction between the interstate associations, primarily for the benefit of the citizens of these countries,” Myasnikovich said.

The EAEU is systematically building infrastructure for a dialogue with the SCO, whose states account for over 30% of global GDP. At the same time, opportunities are also emerging to promote a broader integration pattern with the involvement of BRICS countries on such issues as unifying payment systems, using national currencies in mutual settlements between countries, promoting the development of innovations, exchanging best practices in trade regulation and customs administration, and also in the transport, logistics and energy sectors.

Besides that, another session participants will discuss liberalization as a condition for sustainable economic growth, opportunities for the recovery and growth of certain industries and sectors of the economy, and the elimination of national protectionism. It is also planned that the issues of promoting the idea of Eurasian economic integration among young people, best country-specific practices and convergence of national systems of talent identification and support, as well as joint development of the talent economy of the EAEU countries.

Vladimir Putin, in an earlier address to the heads of state of the Eurasian Economic Union, proposed to assess the implementation of the current Strategic Development Guidelines for Eurasian Economic Integration until 2025. He also called it advisable to begin preparing new long-term planning documents this year that would define the main vectors of integration cooperation until 2030 and 2045.

Mikhail Myasnikovich, Chairman of the Board of the Eurasian Economic Commission, noted the necessity to create an effective and efficient integration model in the light of  the emerging multipolar world order. At the Eurasian Economic Forum, the central focus for all the participants and speakers is to address long-term strategic development goals and how to ensure economic growth, projects that can increase the share of high-tech exports and the creation of trans-Eurasian corporations, and ways to improve the well-being of citizens of these countries.

Andrey Slepnev, Minister of Trade of the Eurasian Economic Commission, says “we are passing an important historical milestone.  In fact, global transformation is taking place and we need to navigate through this new structure and to understand Eurasia’s place in the new changing world.”

“We appreciate the prospects of interaction with Indonesia. Our business is very interested in this country: Indonesia has one of the highest growth rates in Southeast Asia. It is developing industry, agriculture and infrastructure. These are the areas where we can actively cooperate,” added Slepnev.

Business is a leading force in the economy. The development of the business sector contributes to the creation of additional jobs, increases business activity in society and achieves sustainable economic and industrial growth. In this regard, the most important priorities of Eurasian integration are deepening cooperation in the field of entrepreneurship, simplifying internal regulation and improving the business climate in the states of the Union.

In addition, there is the Green Eurasia competition, ASI Business Breakfast to discuss new opportunities for international cooperation in Eurasia, and a Business Breakfast of the EAEU-Indonesia Business Dialogue. There will be business dialogues dedicated to cooperation of the Eurasian integration with Indonesia and Latin American countries.

The EAEF will announce the results of the first Green Eurasia climate project competition, which aims to find effective practices for adaptation and mitigation of climate change as well as other climate practices aimed at sustainable development of the member states of the Eurasian Economic Union. Around 300 applications were submitted for the competition. Participants include representatives of state authorities and local self-government bodies, the business community, non-profit organizations, as well as individuals.

The goal of the Forum is to improve cooperation on the Eurasian continent. The key areas of discussion on the business programme will be issues concerning integration processes in the Eurasian Economic Union that are of most relevance to business, including those of particular interest to the Russian Federation. The Eurasian Economic Forum is an annual business event of the Eurasian Economic Union (EAEU) in the economic sphere, held alternately in the member state of the Union that chairs the Supreme Eurasian Economic Council, the Eurasian Intergovernmental Council and the Council of the Eurasian Economic Commission.

Source: Modern Diplomacy