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What Promises Does the Eurasian Customs Union Hold for the Future?

Author

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  • Carneiro, Fracisco

    (World Bank)

Abstract

Established in 2010, the Eurasian Customs Union (ECU) carries significant economic weight as three of its member countries represent a potentially large consumer market. Drawing on existing literature that has studied the likely impacts of the ECU in Central Asia, this note discusses the ECU’s pitfalls and potential benefits. After briefly describing the main features of the ECU, this note assesses whether the changes introduced after its establishment have benefitted all of its members equally, and concludes with a discussion of what will need to change to achieve the ECU’s full potential. Available evidence suggests that the Russian Federation has been the main beneficiary in the short term, but that there are several benefits to be gained by other members in the medium to long term. Full realization of these benefits, however, will require political commitment and steadfast action to reduce nontariff barriers (NTBs), improve trade facilitation, and reduce the costs of trading across borders in the region.

Suggested Citation

  • Carneiro, Fracisco, 2013. "What Promises Does the Eurasian Customs Union Hold for the Future?," World Bank - Economic Premise, The World Bank, issue 108, pages 1-5, February.
    • Handle: RePEc:wbk:prmecp:ep108
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    File URL: http://siteresources.worldbank.org/EXTPREMNET/Resources/EP108.pdf
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    References listed on IDEAS

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    1. Jesper Jensen & Thomas Rutherford & David Tarr, 2014. "The Impact of Liberalizing Barriers to Foreign Direct Investment in Services: The Case of Russian Accession to the World Trade Organization," World Scientific Book Chapters, in: APPLIED TRADE POLICY MODELING IN 16 COUNTRIES Insights and Impacts from World Bank CGE Based Projects, chapter 6, pages 125-149, World Scientific Publishing Co. Pte. Ltd..
    2. Alexander Plekhanov & Asel Isakova, 2012. "Customs Union and Kazakhstan's Imports," CASE Network Studies and Analyses 442, CASE-Center for Social and Economic Research.
    3. World Bank, 2012. "Kazakhstan : Assessment of Costs and Benefits of the Customs," World Bank Publications - Reports 12299, The World Bank Group.
    4. World Bank, 2012. "Assessment of Costs and Benefits of the Customs Union for Kazakhstan," World Bank Publications - Reports 2722, The World Bank Group.
    5. Martin Raiser & Indermit S. Gill, 2012. "Golden Growth : Restoring the Lustre of the European Economic Model," World Bank Publications - Books, The World Bank Group, number 6016, December.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Anders Aslund, 2013. "Ukraine's Choice: European Association Agreement or Eurasian Union?," Policy Briefs PB13-22, Peterson Institute for International Economics.
    2. Mkrtchyan Arevik, 2013. "Trade impact of non-tariff trade costs. An Assessment of the Customs Union of Russia, Belarus and Kazakhstan," EERC Working Paper Series 13/14e, EERC Research Network, Russia and CIS.
    3. Arevik Mkrtchyan, 2015. "Determining the Common External Tariff in a Customs Union: Evidence from the Eurasian Customs Union," BEROC Working Paper Series 27, Belarusian Economic Research and Outreach Center (BEROC).
    4. Juliet Johnson & Seçkin Köstem, 2016. "Frustrated Leadership: Russia's Economic Alternative to the West," Global Policy, London School of Economics and Political Science, vol. 7(2), pages 207-216, May.
    5. Miroslawa Laszuk, 2014. "Changes in the regulations of commodity turnover with third countries following establishment of the customs union of Belarus, Kazakhstan and Russia," Ekonomia i Prawo, Uniwersytet Mikolaja Kopernika, vol. 13(1), pages 147-162, March.
    6. Amat Adarov, 2023. "Eurasian economic integration: impact evaluation using the gravity model and the synthetic control methods," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 159(2), pages 467-504, May.
    7. Niemi, Riku, 2016. "The Eurasian Union: Much potential, little results," BOFIT Policy Briefs 1/2016, Bank of Finland Institute for Emerging Economies (BOFIT).

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    More about this item

    JEL classification:

    • F1 - International Economics - - Trade
    • F2 - International Economics - - International Factor Movements and International Business
    • F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance
    • F5 - International Economics - - International Relations, National Security, and International Political Economy

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