Eurasian integration: business in the EAEU is thriving thanks to improved conditions

In 2023, the Eurasian Economic Commission (EEC) Board discussed its annual report on monitoring the impact of integration processes on the business environment in the EAEU countries. Prepared according to an approved methodology, the report recorded positive changes in key indicators, highlighting how Eurasian integration contributes to improving the business environment in the Union.

The main results are an increase in the number of adopted technical regulations to 47 and an impressive 67 per cent of interstate standards among rules. Important attention is paid to eliminating trade barriers: last year it was possible to remove 10 obstacles and 1 restriction on mutual trade.

The share of positive conclusions in the regulatory impact assessment reached a record 98%, demonstrating the EEC's focus on creating a comfortable environment for entrepreneurs. EEC Minister of Economy and Financial Policy Bakhyt Sultanov noted the report's significance, emphasising that integration efforts are opening up new opportunities for business in the states of the Association.

The report also highlighted the growth of mutual trade: goods increased their turnover by 4.7%, and services - by 22.3%, which confirms the demand in the single market of services. Positive changes are also observed in labour migration: the growth rate was 35%, and the registered unemployment rate in the EAEU fell to a historic low of 0.8%.

There was also a steady increase in registered legal entities and small businesses, and accumulated direct investment between the countries increased by 11.2%. This report will be an important step towards improving the business climate and living standards in the EAEU countries.