About the spheres of economics, which have integrational potential within the Eurasian Economic Unio
Name and Surname: Gulden Timur
Date: 25.01.2018
Word count: 449
Research Task One: Primary Legislative Acts
Document:
Act: Decision of the Council of the Eurasian Economic Commission No 1
Institution: Council of the Eurasian Economic Commission
Title: About the project of the order of the Eurasian Intergovernmental Council “About the spheres of economics, which have integrational potential within the Eurasian Economic Union and the measures which are directed on its use”
Commentary:
It is a comprehensive and many-sided document with well-structured informational basis. The arguments are built only after significant research, and the core of this document is that the state-members should follow the decisions of the Court, and are advised to continue monitoring of the economic situation, and that they should try to improve integration strategy, to adapt it to other states-members in order to reach highest economic efficiency at the macroeconomic level, so that the majority of the states will get benefit. It calls for the revealing the potential of the spheres of state economy, which have not been fully acknowledged yet. This document appeals not for concentrating at the analysis of particular economic branches, but at the determining universal principles of collective work between the state-members. These rules and conditions will in the best way serve the aim of integration, therefore global economic benefit is put as a cornerstone of the EAE Union.
The document names seven different ways of specialization of different spheres of state economy. It emphasizes the necessity to develop such promising sectors as ones having the potential to reduce import dependency, to diversify and to increase the exports flow; to those having competitive advantages throughout the Union, perspective to grow in terms of the goods trade thanks to specialization of the state-member; future technologies; the ones which would provide the strongest macroeconomic success, and easily ruled by the government. The document raises the importance of specialization of trade, and that the states should avoid the politics of import dependency and the pursuing development. In order to achieve this aim, the document suggests subordination and coordination on the basis of equality and reciprocity, mutual help and support, elimination of the barriers and tariffs, and the information sharing between the producers and purchasers. As the methods of facilitation of the integration the document also implies wide use of the new transport means and ways, and latest innovation techniques. In order to convince the audience, the document is designed with large and colourful schemes, tables and macroeconomic models, showing the interdependency of different production areas and the percentage composition of each state production. This act is significant, because it helps to better understand the aims of the Eurasian Economic Union, and it provides explanation of the methods and techniques that the states members are going to employ. Moreover, it gives valuable information as the economic guide: it specifies how the union can better achieve its aim, not making wrong forecast. Finally, with its legal power it becomes powerful tool, as it brings the states members to the general bidding rule of conduct, and thus specific orders become coherent steps on the way to the regional economic prosperity.