An Overview of the Eurasian Economic Union as an Economic Integration Supranational Organization

Abstract

The Eurasian Economic Union (EAEU), founded on May 29, 2014, represents a significant effort to enhance economic growth and prosperity among former Soviet states, notably Kazakhstan, Belarus, and Russia. Tracing its origin from the dissolution of the USSR and the subsequent establishment of the Commonwealth of Independent States (CIS) in 1991, the EAEU emerged after overcoming initial challenges faced by the CIS, formalizing its structure in 2015. This paper provides a comprehensive analysis of the EAEU's historical evolution, institutional framework, and the dynamics of its economic integration. By examining the EAEU's impact on member economies, including achievements like the creation of a unified labour market and increased trade volumes, the study stresses its role in advancing regional economic cooperation. It also addresses persistent challenges such as disparities in energy resources and the union's limited supranational authority. Furthermore, this paper draws comparisons between the EAEU and the European Union (EU), offering perceptions into their differing organizational structures and levels of integration. Through this comparative lens, it elucidates how each union shapes regional dynamics and influences global economic relations.