Eurasian Investment Agreement

Neighbouring Kazakhstan has repeated Russia`s attempt to access East Asian markets. In September 2013, the presidents of China and Kazakhstan signed trade agreements and launched the “New Silk Road.” On May 20, 2014, the two presidents announced that they would connect the Kazakh railways to the Pacific Ocean by opening a new terminal in the port city of Lianyungang in China. China has also signed agreements to continue investment in the energy sector in Kazakhstan. The two countries announced $1 billion for the modernization of an oil refinery in Shymkent and an additional $150 million for the opening of a new oil and gas plant near Almaty. The President of Kazakhstan also met with the leaders of Chinese companies and agreed to cooperate in the aerospace production, telecommunications and mining sectors. [Journal 10] The EU has signed a first free trade agreement[155] with Vietnam, which is expected to enter into force in October 2016, after ratification by all parties. [156] [157] In May 2015, the EU gave the green light to the signing of a free trade agreement with Iran. Andrey Slepnev, Minister of Trade in the Council of the Eurasian Economic Commission, described erdwein at the expert level as a “key partner in the Middle East”[165] and also noted that Iran was an important partner for all EAEU member states. He said: “Cooperation between EAEU and Iran is an important area of our work to strengthen economic stability in the region.” [166] In December 2015, a “temporary agreement” was signed between Iran and eaEU, which Commissioner Andrej Slepnev described as “the first step towards achieving free trade between Iran and the Union”.

[167] Tensions with the European Union in 2014 increased both unions to pressure post-Soviet states to join their integration unions. Both sides have accused each other of sculpting spheres of influence. [190] EU members, particularly Russia, have attempted to diversify their trade by signing economic agreements with China[192] Iran[193] and Turkey. [194] Trade with North and South Korea has also increased. [195] [196] [197] On 4 December 2014, the Armenian Parliament ratified the country`s accession agreement to the EAEU. On 23 December 2014, an agreement on Kyrgyzstan`s accession to the EAEU was signed at a meeting of the Euras Higher Economic Council. On 1 January 2015, the treaty establishing the Eurasian Economic Union came into force. On 2 January 2015, Armenia officially joined the EAEU. Kyrgyzstan`s accession process to the Eurasian Economic Union was completed in August 2015. The founding agreement was signed in Astana on 29 May 2014 and came into force on 1 January 2015.

Subsequently, Armenia and Kyrgyzstan joined the Union. The agreement marked the transition of the Eurasian economic project to a new, deeper level of integration. In 1994, in a speech at Moscow State University, Kazakhstan`s first president, Nursultan Nazarbayev, proposed the creation of a “Eurasian Union” as a regional trading bloc to join and benefit from the expanding economies of Europe and East Asia. The vision would be to facilitate the free movement of goods in Eurasia. [14] [15] [16] The idea was quickly seen as a means of promoting trade, stimulating investment in Central Asia, Armenia and Belarus, and complementing the Eastern Partnership. [15] [17] In eurasian “five” countries, the trend is towards an improved investment climate and attractiveness of the economy in terms of investment for investors from third countries and the EU. Thus, at the end of 2018, EAEU`s investments in fixed assets increased by 5.6% compared to the previous year.