BRICS, EAEU & SCO To Discuss Integration At The Eurasian Economic Forum
A massive Eurasian regional bloc is being created without Western input
The BRICS nations – Brazil, Russia, India, China and South Africa, along with the Eurasian Economic Union free trade group – Russia again with Armenia, Belarus, Kazakhstan and Kyrgyzstan, will be discussing integration with the Shanghai Cooperation Organisation (SCO) at the second Eurasian Economic Forum which will take place on May 24–25 in Moscow.
SCO members include Russia, China, and India along with Kazakhstan, Kyrgyzstan, Pakistan, Tajikistan, and Uzbekistan. It also includes four Observer States interested in acceding to full membership (Afghanistan, Belarus, Iran, and Mongolia) and fourteen “Dialogue Partners” (Armenia, Azerbaijan, Bahrain, Cambodia, Egypt, Kuwait, Maldives, Myanmar, Nepal, Saudi Arabia, Sri Lanka, Turkiye, Qatar and the UAE).
The creation of a wide partner network of interstate associations and the development of cooperation between these countries in the context of reformatting the global economic architecture and will be discussed by the participants.
This includes key areas of cooperation, the effects for the EAEU countries as a result of the implementation of the transport and logistics megaproject in Greater Eurasia, the prospects for monetary and financial cooperation and the transition to new forms of settlements in mutual trade of the countries of these integration associations in modern conditions, as well as the role of interaction between associations in stabilising the general global economic situation.
The sessions will likely be attended by Chairman of the Board of the Eurasian Economic Commission Mikhail Myasnikovich, SCO Secretary General Zhang Ming, BRICS Ambassador-at-large Ani Sooklal, and other authoritative officials. The moderator of the discussion is Anatoly Torkunov, Principal of the Moscow State Institute of International Relations at the Ministry of Foreign Affairs of Russia.
An integrated BRICS, EAEU and SCO would appear similar to this:
Myasnikovich, outlining the intent, stated that “The expansion of mutually beneficial cooperation between integration formats not only contributes to the growth of national economies, but can also have a significant impact on the formation of new approaches to the functioning of the global market. The space of Greater Eurasia has unique trade, economic, transport and logistics advantages, while the human potential and resources of the BRICS countries can multiply the effect of this cooperation. I am sure that during the discussion, the experts will be able to find practical application for the combined capabilities of the EAEU, SCO and BRICS states and propose specific ways to develop interaction between interstate associations, primarily for the benefit of the citizens of these countries,”
The Eurasian Economic Union is systematically building the infrastructure for dialogue with the Shanghai Cooperation Organisation (SCO) and held meetings earlier this year concerning integration potential.
This also carries substantial global implications: the member countries of these associations today account for over 30% of world GDP. By 2035, BRICS alone is expected to account for 50% of global GDP.
At the same time, opportunities are also opening up for promoting a broader integration circuit with the participation of the BRICS: the issues of unifying payment systems, using national currencies in mutual settlements between countries, promoting the development of innovations and exchanging best practices in trade regulation, customs administration, as well as in the transport, logistics and energy sectors.
In total, about 35 business sessions will be held within the framework of the event. They will be divided into seven thematic areas, among them: Human Capital, Technology and Cooperation, EAEU in a Changing World, Eurasian Connectivity, as well as EAEU Internal Market, Customs Cooperation, Competition and Public Procurement. Within the framework of the Strategic Block, a discussion of the EAEU Strategy 2030+ will be held.
In addition, the Eurasian Economic Forum will host the Green Eurasia International Climate Competition, a business breakfast of the Agency for Strategic Initiatives dedicated to discussing new opportunities for developing international cooperation in Eurasia, and a Eurasia of Regions round table. There will also be business dialogues dedicated to the cooperation of the EAEU with Indonesia and Latin American countries.
Source: The Eurasian Economic Commission