The Eurasian economic union: trends and prospects for development in digital economy

¹ Saint-Petersburg branch of the Customs Academy, lit. A, 52, Sofijskaya str., 1912236, Saint Petersburg, Russia
² Saint-Petersburg State University of Aerospace Instrumentation, 67, Bolshaya Morskaia str., 190000, Saint-Petersburg, Russia
³ Saint-Petersburg University of State Fire Service of Emercom of Russia, 149, Moskovskiy prospect, 196105, Saint Petersburg, Russisa

^* Corresponding author: lusis63@mail.ru

Abstract

Currently the Eurasian Economic Union defines its main tasks as the creation of an image of the significant center for the development of international trade, enhancement of mutually beneficial partnership with member states and other countries, the creation of new formats for international cooperation. At the present days the Eurasian Economic Union is filled with real economic content. Multilateral projects are being implemented, primarily in key sectors of the economy, that are energy and transport. In the long run, the formation of a monetary union is possible. Development of currency integration, as a component of economic unity, presupposes the process of implementing a coordinated policy of the EAEU countries, as well as the creation and functioning of the organizations performing interstate currency regulation. In the article the dynamics of the main economic indicators of the Eurasian Economic Union functioning is considered. The data on the trade turnover of the EAEU member countries for 2019 is provided. The main directions of EAEU cooperation with third countries and integration associations are revealed, with particular attention being paid to the creation of free trade zones with Vietnam and Singapore. In the context of the organization and functioning of interstate unions, each of the member states of such unions, while ensuring their own security, also needs to manage both the threats to the security of other partners that have an indirect adverse effect and the threats that directly impact the whole union. The directions of digital transformation of the economies of the Eurasian Economic Union member states are considered. The problematic aspects of its functioning are highlighted.