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Pinnacle of the big Eurasian game

Yeliseyeu, Andrei
This policy brief examines the political and economic implications of the Treaty on the Eurasian Economic Union for Belarus. The debate between the Eurasian partners will continue even after the agreement has been signed, the more so because a full-scale common market based on the achievement of “four freedoms” (free movement of goods, services, workforce and capital) with no exceptions and exemptions will not be launched starting 2015. However, the EAU Treaty cements the system of decision-making within the Union and fixes the basic economic rules of the game, thus identifying the balance between costs and benefits of each party for the short- and medium term, therefore so much is at stake now. The principal conclusion of the Eurasian summit of 29 April 2014 and the bilateral agreements that followed is that Moscow is ready to provide a bilateral financial bonus to Belarus with its expanding foreign trade imbalance. Russia is interested in the further use of the oil sector as leverage to keep the Belorussian authorities under pressure, including during the talks over the creation of joint ventures in manufacturing industry and increase in the share of Russian capital in the Belorussian oil refineries.
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Contributor: Belarusian Institute for Strategic Studies - http://www.belinstitute.eu
Topic: Politics and Governance
Economy and Development
Country: Belarus, Russia
Document Type: Featured Article
Year: 2014
Keywords: Customs, Economic Policy, Energy Trade, Regional Cooperation, Regional Policy
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