The Duran Podcast - Eurasian Economic Union moves closer to BRICS

Episode Date: January 2, 2024

Eurasian Economic Union moves closer to BRICS

All right, Alexander, let's talk about the Eurasia Economic Council meeting that took place the other day and in attendance was also Armenia and Hashidyan. So what happened at this meeting? Well, it's a very interesting meeting, actually. I mean, this brings together the states of what's called the Eurasian Economic Union, which is, basically Russia, Belarusia, Kazakhstan, and I think Kyrgyzia as well. But increasingly, some of the other Central Asian states, Uzbekistan, Tajikistan, Turkmenistan, aligning with it. But anyway, it was those core states, in other words, it's the economic core of what used to be, the Soviet Union. Armenia is also a member and it has done very well economically, it must be said, out of the Eurasian Economic Union.

Putin pointed out that Armenia's growth is achieved an annual growth rate of around 9% this year. And, you know, it's doing that as a member of the Eurasian Economic Union. So, as we know, Prime Minister Pasinian has been trying to realignan. Armenia with the West, but he's been talking about NATO membership and EU membership. He's thrown a huge fit over the collective security treaty organisation. But at the same time, he seems to understand, or at least some of the people around him, and perhaps telling him, we've got to keep in with the Eurasian Economic Union, because without it, our economy will go massively downhill.

So he turns up in St. Petersburg where they had this meeting. And apparently there were all sorts of private discussions. And they agreed a roadmap for their organization, which apparently moves towards, you know, greater economic integration, improving economic links and all of those sort of things within the Eurasian Economic Union, you know, tying it together. more closely. But at the same time, a big news was that they've ratified a free trade agreement with Iran. And remember, Armenia borders Iran and Iran is a major ally of Armenia. But anyway, a free trade agreement with Iran. And they're now working towards concluding free trade agreements

with the UAE and Egypt. So we can see how the territory of the former Soviet Union is reintegrating economically, quite rapidly. Even Armenia is being pulled along. The president of Azerbaijan, Ilam Aliyev, had a telephone call with Putin whilst this meeting in St. Petersburg was underway. So, Azerbaijan is gradually edging towards joining, rejoining as well. Uzbekistan and Turkmenistan and Tajikistan seemed to be heading in the same direction. Iran has now concluded a free trade agreement. UA.E and Egypt are following. And you can see that Eurasian economic integration is happening alongside and as part of

bricks expansion because that is what this is ultimately all about. It's it's it's building up the bricks. Yeah, one belt one road, all of it. The yeah the whole concept of of of bricks in one belt one road is is being facilitated through the Eurasian economic uh yes union yes at some point or rather those two concepts the one belt one road and the europea erasian economic union will merge I mean, if not formally, it will be like, you know, they will exist so much in parallel with each other that they will become integrated in the same way that the European Iron and Steel community

and Euratom converged in 1960 into the European economic community of long ago. Not what we have today. But you can see that. that this is the way which the two are working. So the Russians have this economic union, a single market, if you like, within Eurasia, with the biggest Eurasian economies, Belarus, Russia, Kazakhstan, Uzbekistan, very likely to join. They're Russian industrial projects now pressing forward in Uzbekistan, Tajikistan, Turkmenistan,

likely to join before long. Azerbaijan sniffing at doing so. But the Chinese at the same time building all their various corridors and their infrastructure links and Iran and the

UAE and Egypt about to join the bricks in January and negotiating their free trade deals with this Eurasian economic union which opens the corridors to Chinese trade. So everything is saying to get.

Yeah, why would Armenia trade in 9% growth and all of all of this, this integration, economic integration, especially at the end of the day with China, like the manufacturing engine of the world? Why would Armenia trade all of that in to integrate with who? The European Union trade in 9% growth, you can you could move into a block that's in recession and that and that's a block whose future looks looks terrible desperate bleak why would you trade that in well indeed i mean i wonder yeah it makes

absolutely no sense at all but i mean the thing to say about the european union is that with some people around the world including in armenia i suspect the european union is more of a cargo cult now than anything else. I mean, they are true believers in the message, and they're not going to let a little thing like, you know, sacrificing 9% annual growth stand in the way of that. But perhaps Paschignan, and I wonder whether here in his case, the recent events in Ukraine might not have played a role. I mean, the fact that there's been this big military defeat by Ukraine with the failure of its offensive, the fact that the Russians are on the move, whether even Parishinian has, you know, suddenly seen maybe this isn't quite working out. I don't know. I mean, I don't want

to speculate too much about him because he's a very difficult. He's a chameleon character. Anyway, whatever. But if we're talking about logic, if we're talking about numbers, if we're talking about economic benefits, it makes absolutely no sense for Armenia to shift. But of course, some people wanted to because they believe in it. And remember, you've got all the NGOs in Armenia, you've got all the newspapers that they run. We've got all the well-paid people who work for these entities. And of course, for them personally, it continues to be financially beneficial to realign. with the West, or so they think. All right, we will end it there.

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