Eurasian Union’s Economy Has Potential to Grow at Rates of China and India

Top officials from the member states of the “Group of Five,” representatives of international organizations, the Eurasian Economic Commission, and experts convened to discuss the most pressing directions for the Union’s functioning. With the five-year plan nearing its end, there is a clear need for a forward-looking development strategy.

One prevailing view is that the EAEU’s economy could potentially grow at the pace of China and India. To realize this, support for industrial cooperation must be scaled up, and cross-border programs across various sectors should be proposed to the common market.

A decade ago, the five member countries and the four fundamental freedoms-free movement of goods, services, capital, and people-laid the foundation for effective integration. This integration has grown into a strong economic union and a significant regional actor. And, importantly, it is succeeding. No one can deny that each member has reaped substantial benefits-both for their national economies and as part of a resilient union capable of withstanding global storms. The question is: how to preserve these competitive advantages? How to build resilience? How to foster sustainable development? The Eurasian Economic Forum in Minsk aims to propose optimal solutions for the Union’s allies.

A decade of cooperation has resulted in a twofold increase in the Union’s economies and a doubling of mutual trade. The ability to produce food domestically now underscores the Union’s self-sufficiency. Mikhail Myasnikovich, the distinguished former head of the Eurasian Economic Commission, recalls that at the dawn of integration, it took around $14 billion to import food from abroad. Today, regardless of which markets are closed by sanctions, no member of the five will go hungry. What is the true strength of this integration? Is it unity?

Mikhail Myasnikovich, Chairman of the Eurasian Economic Commission (2020–2024): "Strength lies in the formation of a fundamentally new, high level of trust-both at the highest political levels and among experts. I believe that the provisions of the Eurasian Economic Union Treaty will be implemented quite successfully in this regard."

Natalia Petkevich, Belarusian Deputy Prime Minister: "Today, we face entirely new realities. The very concept of international division of labor is losing its meaning. With the emergence of technological sovereignty and food security, we are contemplating protecting national sovereignty on one hand, while on the other, realizing that survival against these threats requires unity. We have this experience. Essentially, in this regard, we can serve as a model for others."

At the forum, the consensus seems to be that the world is no longer the same. Multipolarity is not just a future prospect but a present reality. And integration provides a stronger footing. Today, every country advocates for independence and sovereignty, and regional alliances offer stability and reassurance to their participants. They enable member states to defend their interests while relying on powerful allies. Belarus has repeatedly proposed fostering cooperation through integration, elevating interactions to a new level. At the core of the concept of a broad Eurasian space are security and development.

Sergey Lebedev, Secretary-General of the Commonwealth of Independent States (CIS): "The initiative put forward by Belarus and Russia for a comprehensive Eurasian partnership is highly relevant. Currently, we are all working together to unite our efforts, harness our capabilities across the Eurasian space, and create an organization or alliance akin to the once-existing OSCE. Unfortunately, the OSCE discredited itself due to its destructive stance. Strengthening efforts within the Eurasian space is now more important than ever."

A strong economy equals a strong union. Today, this formula is being expanded: not just strong but also independent. The Prime Minister, opening the Eurasian Forum, assured that only through joint efforts can we achieve technological independence. Utilizing the potential of each of the “Group of Five” countries remains a strategic goal. But do we have enough internal resources? The Minister of Industry of the Eurasian Economic Commission seems to leave no doubt.

Gohar Barsegyan, Member of the Collegium (Minister) for Industry and Agro-Industrial Complex of the Eurasian Economic Commission: "The potential definitely exists within the Eurasian Union. However, we need a breakthrough, as we currently have a coordinated industrial policy within the Union. We must implement and increase tangible support measures. The first mechanism already launched can serve as a good benchmark because the modern geopolitical and geo-economic landscape shows that integration becomes effective thanks to such tools."

This pertains to financial support for manufacturers developing industrial cooperation. The pilot project has been launched: enterprises will receive support if they are willing to produce with the involvement of at least three Eurasian countries. Belarus is actively involved. All existing financing has been with domestic companies. But this is just the beginning.

Gohar Barsegyan emphasizes, “We need to scale support measures to achieve broader integration effects.”

Self-sufficiency in pharmaceuticals is another global challenge. Over half of the medicinal products in the Union are imported from third countries, including raw materials for drug production. Regardless of what is discussed at the forum, the simple goal remains: develop our own capabilities.

Maxim Yermolovich, Member of the Collegium (Minister) for Competition and Antimonopoly Regulation of the Eurasian Economic Commission: "The task is to develop domestic pharmaceutical production, including active pharmaceutical ingredients, and ultimately transition to operational projects in these sectors. We must shift from national proteсtionism—something I constantly advocate - to union-wide protectionism, viewing all Union countries as their own producers."

The issue of unified electric power within the Union is also significant. As a key player in forming the Union’s common markets, technical progress is underway. Four out of ten regulations have been adopted. Energy Minister Denis Moroz notes that, while progress is slow and challenging, there is light at the end of the tunnel.

Denis Moroz, Belarusian Minister of Energy: "Currently, countries are at different stages of developing their national markets. The task now is to unite these markets and harmonize rules without damaging the interests of each member state. The development of this unified electricity market is progressing within the framework of finalizing relevant documents, and, according to plans, it should be operational by January 1, 2027."

Regarding mutual understanding, ministers alone cannot do much - media professionals can do a lot! The forum highlights that Belarus and Russia already have journals and media outlets like BelRos, and a new media holding is on the horizon. The CIS’s "Mir" TV channel also serves as an example. The Eurasian Five should not be overlooked in this sphere as well.

Ivan Eismont, Chairman of Belarusian TeleRadioCompany: "A successful practice exists within the CIS. Under the CIS framework, major broadcasters from member countries share resources and materials via a unified server. This promotes their narratives across borders and fosters mutual understanding. I believe a similar approach should be adopted within the Eurasian Economic Union."

In sum, a unified Eurasian space should be both informational and constructive-focused not on aggression or conflict, as some media might portray, but on fostering development and cooperation, in line with the spirit of Eurasian integration.