EXPERT OPINION M. Rodionova . Summarizing the Sixth

EXPERT OPINION: SUMMARIZING THE SIXTH MOSCOW INTERNATIONAL FINANCIAL AND ECONOMIC FORUM “THE EURASIAN ECONOMIC UNION AND THE EU: SEARCH FOR NEW FORMATS OF COOPERATION”

With challenging geopolitical environment and strained dialogue between the Eurasian Economic Union (EAEU) and the European Union (EU) it is still necessary to establish close partnership (economic first of all) between the two unions. It is stipulated not only by geographical and historic factors (as well as similar institutional principles and supra-national powers) but first of all by geo economic ones (close economic cooperation).

Heavy trade flows, promising investment ties and projects, economic security issues, interest of the EAEU states in the transfer of European technologies, the need to develop cross-border infrastructure and common neighboring states once again highlight the relevance of the agenda at the Sixth Moscow International Financial and Economic Forum “The Eurasian Economic Union and the EU: search for new formats of cooperation” (hereinafter – Forum) organized by the Financial and Banking Association of Euro-Asian Cooperation with the support of the Russian Union of Industrialists and Entrepreneurs and the Eurasian Economic Commission.

The Forum was held on November 22, 2019 and placed the participants and guests in the discussion of the hottest issues of finance and economy of the Eurasian integration and new opportunities of the EAEU market for the European and Russian business. Azimut hotel premises gathered those interested in the development of trade and economic cooperation on the Eurasian space: representatives of international development institutes, financial unions as well as scientific society; businessmen; financial and economic experts, representatives of investment and insurance market.

The relevance of such events is obvious and strategic for Russia. Worth mentioning are the organizers’ competence, the topicality and timeliness of the issues covered at the Forum itself and on the sidelines.

The Forum delivered a lot of different opinions on cooperation and development. For instance four main aspects were pointed out for in order to get the relations between the EAEU and the EU on the right foot: a more competitive private sector, easier trade procedures, better harmonized transport and logistic systems, integration of financial and capital markets.

The plenary session of the forum enjoyed fraught debates on the advantages and disadvantages of the formation of the single financial market for EAEU states, new opportunities for the European suppliers and producers, special features of business in Russia and EAEU. These topics were in the main focus.

The financial element of EAEU was also on the agenda overviewed from different sides at the sessions of the Forum “Technologies and finance: from services to ecosystems” and “EU – EAEU: prospects of investment cooperation”. Single financial market of the Union member-states provide for easier and non-discriminatory access of financial market players to the markets of each other. It concerns the banking and insurance sectors and securities markets.

Moreover it is worth mentioning that the control of interaction between the sectors of financial markets is gaining crucial importance. Better access, quality and number of financial services for businesses and individuals in the member-states, new economic models for SME, new banking and non-banking forms of investments, e-commerce as an important and available way to expand export as well as growth, effective financial sector of member-states and competitiveness on the financial markets –it all contributes to the formation of single labor, goods, services and capital market.

The Forum covered other key issues. Special attention was paid to the removal of barriers in order to execute the “four freedoms”: free movement of goods, services, capital and labor. This issue was also underlined by the new Prime Minister Mikhail Mishustin at the meeting on priority tasks within the Eurasian integration which again confirms the relevance of the Forum agenda.

Marina Rodionova,

Candidate of sociological sciences, associate professor, Ph.D., Director of Center for European Studies, education services and consulting, associate professor at the Department of political studies and mass communications of Financial University under the Government of the Russian Federation

Worth mentioning is also the work of business circles of the EAEU memberstates aimed to develop functional relations between different organizations. And despite such obstacles as inequality of economic development of the countries on the territory of Eurasia, the political situation in internal problems of the Core and New Europe business at the Forum showed much interest in the active and functional dialogue of EAEU and EU.

In conclusion we would like to say that the joint work of the European Commission and the Eurasian Economic Commission is gaining pace. Its results and outlook as important practical step for the communication development on the whole Eurasian space were also covered at the Forum.

In the context of the global system modification, misbalance in the international and political, financial, demographic, energetic and other sectors the real development prospects will fall on the countries able to embrace new formats of cooperation. The interaction of EAEU and EU is one of such formats, and the Moscow International Financial and Economic Forum which is becoming more and more popular is an important platform for its development and practical dialogue between EAEU and EU.