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EU and EAC Integration: Businesses Seek Cooperation

On June 1 the International Economic Forum in St. Petersburg (SPIEF) hosted a broad panel session on EU and EAC cooperation. The session was presided by the head of Eurasian Economic Commission Tigran Sarkisyan.
The event particularly focused on current issues in EU and EAC relations emphasizing institutional gap that prevents companies from launching new industrial projects and elaborating investment plans. Most participants spoke out in favour of convergence of EU and EAC integrations, however they admitted that today EAC countries see Asian economies as their top priority. This is reflected in strengthened cooperation with China and EAC-India free trade zone negotiations.
Director general of Association of European Businesses (AEB) Dr Frank Schauff pointed out that EU companies are still actively involved in EAC market despite European low-key policy towards EAC. Businesses have their own particular goals that are to be achieved regardless of high-level institutional dialogue. That is why AEB have numerous inquiries for market research, legal assistance, certification and standardization projects.

Source: Eurasian Economic Commission; AEB

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