The EEC Minister Timur Suleimenov: "Financial integration will foster markets that are more resilient to crises thanks to their growth and an increase in their depth and liquidity.”

The Eurasian Economic Union is, primarily, an economic Union, with the aim of providing conditions for the stable development of the economies of the participating countries to enhance their competitiveness.
In 2015, the Union’s single services market started functioning. It already operates in 43 services sectors. 21 sectors are still in the process of liberalisation. In total, they will make up 60% of the volume of the services carried out by the States of the Eurasian Economic Union.
According to the EEC Minister, a further priority of integration cooperation between the countries of the Union is the creation of a common financial market. By 2025, the harmonisation processes will be completed and a supranational regulatory body for financial markets will have been established. The draft Agreements on agreed approaches to the regulation of the legal relations regarding foreign exchange and the adoption of liberalisation measures and the Agreement on the harmonisation of the legislation of the Member States in the financial sphere have been drawn up. These documents will establish a legal framework for harmonising legislation governing the legal relations regarding foreign exchange in the financial sphere. Together with the Governments of the parties, the EEC has developed the Main Directions of the formation of common financial market of EAEU.
"Undoubtedly, the creation of a common financial market will mark the beginning of a new phase in the construction of the common market, and its launch at the supranational level,” Timur Suleimenov said. “Ultimately, the integration of financial markets implies significant economic advantages capable of increasing capacity without an increase in inflation and enhancing the effectiveness of the monetary and credit policy and, therefore, the manageability of the economy. In general, financial integration will foster markets that are more resilient to crises thanks to their growth and an increase in their depth and liquidity."
Developing real integration in the Union presupposes the creation of conditions for the free movement of citizens. One of the most important outcomes of integration in this direction was that in 2015 the common labour market started functioning. It ensures the freedom of movement of labour within the Union. Citizens of the Member States enjoy equal economic rights.
"Establishing the legal conditions in the functioning of the common labour market allowed the migration processes within the Union to be stimulated," said the EEC Minister. “This year there has been a significant increase in labour migration within the EAEU. For example, in the first half of the year, there was a 40% increase in the number of migrants from the Union countries entering Russia than in the first half of the year 2015. Russia is the country that accepts the most labour migrants. Kazakhstan experienced an increase of 25% in labour migrants over the same period.
In addition, money transfers made by labour migrants are a significant indicator of the level of labour migration. Money sent and taken to home countries is of great importance for the economy. For example, according to expert estimates, these money transfers make up about 30% of the GDP of the Kyrgyz Republic and 15% of the GDP of the Republic of Armenia.
According to Timur Suleimenov, improving the level of social protection for the population will be fostered by the signing Pension Agreement, which is currently in the development stage. It is being worked on by the Commission and the Parties concerned. Its main aim is the formation of pension rights for workers under the same conditions and in the same manner as for the citizens of the State of employment, as well as finding solutions to issues related to assigning and exporting workers’ pensions.
Press-release at the official Eurasian Economic Commission web-site