Common Markets Within the Eurasian Economic Union: Movement of Goods, Services, Labour, and Capital

Abstract

Central to the book, this chapter describes different facets of the EAEU common markets, their progress, and various constraints. We do this to establish a balanced view of Eurasian integration’s relative successes and failures. First, we analyse the Customs Union (CU) by itself, with particular attention given to the dynamics of single customs tariffs. Second, we provide detailed information on the Eurasian Union’s mutual and external trade. Third, we describe the progress made on the common markets’ “road map”, which envisages additional common markets for pharmaceuticals and medical equipment (2017), electric power (2019), financial markets (2022–2025), and oil and gas (2024–2025). Fourth, we provide a detailed picture of the state of affairs concerning non-tariff barriers. We illustrate both progress and substantial headwinds as concerns their elimination/unification. Here we also explain progress on technical regulation. Fifth, a long paragraph delves into the common labour market, including the dynamics of labour migrants and remittances, legal framework for the common labour market, and issue of pension mobility. Sixth, we provide an abundance of data on mutual investment in the EAEU and beyond Eurasia in general. Finally, we present a discourse on the coordination of macroeconomics and monetary policies.