Russian PM to Attend Eurasian Economic Forum in Armenia

Mikhail Mishustin, the Russian Prime Minister, is scheduled to attend the Eurasian Economic Forum in Armenia on Tuesday, October 3, 2023. This announcement comes as part of a series of diplomatic engagements for the Russian leader, including a planned visit to Iran on Monday, October 2, 2023.

The Eurasian Economic Forum is a significant event within the framework of the Eurasian Economic Union (EAEU), an organization established in 2015 to promote economic integration among its member states. The EAEU, which includes Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia, represents a single market of 183 million people with a combined GDP of approximately $2.2 trillion as of 2020.

During the forum, discussions will center on several key areas:

• Digitalization initiatives
• Market operations
• Cooperation within the EAEU

These topics align with the EAEU's ongoing efforts to create a common digital platform for member states and harmonize technical regulations across borders.

The EAEU has been making strides in various economic sectors. It has been working on developing a common energy market and exploring the possibility of creating its own payment system. Additionally, the organization aims to establish a single currency by 2025, further solidifying economic ties between member states.

Russia often presents the EAEU as an alternative to Western economic and political groupings. This perspective is reflected in the organization's expanding international relations, including free trade agreements with countries such as Vietnam and Singapore.

The EAEU's structure includes several key components:

• The Supreme Eurasian Economic Council, which serves as the highest decision-making body
• A customs union allowing free movement of goods between member states
• The Eurasian Development Bank, supporting economic growth and integration
• A court based in Minsk, Belarus, to resolve disputes

As the largest economy within the EAEU, Russia plays a significant role in shaping the organization's direction. Kazakhstan, the largest country by land area, and other members contribute to the diverse economic landscape of the union.

The upcoming forum in Armenia is expected to further strengthen cooperation among EAEU members and potentially address ongoing projects such as the creation of a common pharmaceutical market and the harmonization of financial regulations.

"The meeting will discuss digitalisation, market operations and cooperation within the Eurasian Economic Union, made up of Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia."

As the EAEU continues to evolve, it faces both opportunities and challenges in its quest to become a prominent economic bloc on the global stage. The outcomes of this forum may provide insights into the future direction of this ambitious economic union.