Eurasian economic intergation: problems and prospects

Abstract

The article deals with the formation of the Eurasian Economic Union (EAEU) based on the integration process that involves comprehensive modernization, cooperation, increasing competitiveness of national economies and the creation of conditions contributing to the stable socio-economic development of the EAEU in order to raise living standards of the population. The authors elaborated recommendations to improve the efficiency of Eurasian economic integration built upon achieving synergetic effect of uniting the potentials of member countries. In the course of the study it was revealed that the cooperation in the EAEU will ensure each member country the financial result that exceeding the one achieved by each country separately. It was also determined that to represent the level of economic development of the EAEU objectively it is advisable to implement an indicator of gross domestic product per capita at purchasing power parity. As was found out that extensive and intensive development is characteristic of the member countries of the EAEU. In the course of the study the ways of integration depending on socio-economic development of the EAEU countries were defined. To strengthen the macroeconomic potential of the EAEU the methodology of forming the trajectory of extensive development is proposed basing on the further expansion of the EAEU on the territory of the post-Soviet space assuming the entry of new members-the republics of the former Soviet Union