The current sustainability and future of the Eurasian Economic Union

Nurlan Aitkaliuly Nurseiit

2024

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DOI 10.1504/ijtgm.2024.137727
Data confidence 70 medium
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Abstract

Purpose: The purpose of this paper is to study the current situation and prospects for the future of the Eurasian Economic Union (EAEU) since its total trade turnover decreased by 25.8% between 2014 and 2020. Design methodology/approach: The assessment of foreign trade in the EAEU countries was based on an analysis of its overall dynamics and structure for 2015-2020. To assess the stability and success of the union, the method of calculation of the nominal and real convergence was used. Findings: Only new members of the EAEU show a clear trend towards nominal and real convergence, but not old ones. The process of divergence began to manifest itself earlier than in the EU, mainly for political reasons. Practical implications: Revealing the nature of the EAEU helps to predict its development in the future. Originality: This study contributes to understanding the sustainability of development and the future of the EAEU.