Regional Economics: Theory and Practice
 

Problems of the Eurasian Economic Union development

Vol. 16, Iss. 7, JULY 2018

Received: 27 April 2018

Received in revised form: 30 May 2018

Accepted: 20 June 2018

Available online: 17 July 2018

Subject Heading: SPATIAL ECONOMICS

JEL Classification: F02, F15

Pages: 1223–1234

https://doi.org/10.24891/re.16.7.1223

Tsoi A.V. Lomonosov Moscow State University, Moscow, Russian Federation
tsoyartur1331@gmail.com

ORCID id: not available

Importance The Eurasian Economic Union (EEU) is one of leading integration groups in the post-Soviet space, which has both development prospects and a number of certain problems related to the specifics of national economies of the EEU member States (Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia). The article reviews problems hampering the development of integration processes in the EEU.
Objectives The purpose of the study is to identify the main problems of the EEU that impede positive development of integration processes.
Methods The study draws on methods of statistical analysis, expert assessment, and comparative analysis.
Results The analyzed groups of problems include downward trends in the internal and external trade of the EEU and scarce investment in non-resource industries. The paper specifies that the main reason for the said critical problems is the similar structure of goods produced within the EEU. It notes that Chinese investments hardly ever lead to a positive effect for all participants of the Eurasian integration.
Conclusions The member countries of the EEU need to eliminate the similar structure of manufactured goods through developing the specialization of the EEU countries in the production sphere. Since the EEU countries specialize in the production of primary commodities, foreign direct investment (FDI) is distributed among the resource-based industries. It is important to reduce investment in raw material industries and to increase in the high tech sphere.

Keywords: EAEU, international economic integration, foreign and domestic trade, foreign direct investment, FDI

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