The Eurasian Economic Union: Problems and Prospects

On 29 May 2014, during the meeting of Supreme Eurasian Economic Council, the Presidents of Russia, Belarus and Kazakhstan signed the Treaty on the Eurasian Economic Union (EAEU). Presently, the EAEU consists of the Russian Federation, Belarus, Kazakhstan, Armenia and the Kyrgyz Republic. Nonetheless, the EAEU is lobbying for an ambitious plan of enlargement and is aiming to expand across the entire Eurasian region. The EAEU claims to be the second union after the European Union with the deepest integration aspirations, containing similar institutions and decision-making approaches. This article argues that there are a number of challenges for the effective functioning of EAEU and that its Member States are not yet fully committed to liberalization in practice, contrary to the aspirations they are advocating.