under the President of the Republic of Kazakhstan
The President's Address to the People of Kazakhstan
New opportunities for development in the conditions of the fourth industrial revolution
Kazakhstan has everything necessary to enter the number of leaders of the new world
In 1994, President Nursultan Nazarbayev of Kazakhstan articulated the concept of Eurasian integration and outlined the key principles and practical steps for its implementation.
The initiatives had been prompted by the understanding of the complementarity of economies as the basis for harmonious growth and development of the countries that would become the member of the integration association.
There have been a number of steps to implement the initiative of the President Kazakhstan: in 2000 the Treaty on the Eurasian Economic Community was signed, since 2010 the Customs Union began to function, in 2012 the Single Economic Space became the reality, and in 2015, the countries made the fourth stage towards closer integration, namely they established the Eurasian Economic Union.
Retrospective analysis shows that the integration initiative was not enthusiastically received. The regional integration project caused mixed reaction, there were attempts to camouflage fears that it would become a strong competitor to the other centers of global economic gravity. However, the positive economic outcomes trumped skepticism in experts community and academia.
First of all, more intermingled economies helped to realize the internal potential of the member countries. Thus, the socioeconomic ties that had been disrupted over the past decades, were revived and the new ones were being built, but these time on the basis of the market principles.
Thus, within 9 months of 2017, the volume of mutual trade between the member states grew by 27% and amounted to 38.8 billion US dollars.
It is especially relevant given that specific impact of globalization, let alone the sanctions, as it enables to mobilize the collective resources to resist the external challenges, including world crises. Thus, there was gradual reorientation of foreign trade of the EEU member countries from third countries to the internal EEU market (Figure 1)