The Eurasian Economic Union (EAEU) is moving towards establishing unified markets of energy resources, the Assistant Minister for Integration and Macroeconomics Fedor Chernitsyn told reporters at a conference in Washington.
WASHINGTON (Pakistan Point News / Sputnik - 20th March, 2019) The Eurasian Economic Union (EAEU) is moving towards establishing unified markets of energy resources, the Assistant Minister for Integration and Macroeconomics Fedor Chernitsyn told reporters at a conference in Washington.
"In the energy sector, we are moving according to the algorithm determined by the presidents - towards the creation of unified markets of energy resources - electricity, oil and gas," Chernitsyn said on Tuesday.
Chernitsyn, who represents the Eurasian Economic Commission (EEC) - a regulatory body of the EAEU - said steps must be fulfilled in order to conclude a treaty of union in 2025 to launch common markets for energy resources.
"This is an extremely difficult job, a super ambitious task. I think that with the Belarusian chairmanship this work will accelerate. The Prospects are good, but we shouldn't set any deadlines," he said.
Chernitsyn explained that the significant part of the revenue is related to the energy resources and "to simply combine this market is not just difficult, but impossible."
"It is necessary to move very smoothly and to change not only the regulation, but also the consciousness of our people, the leaders of the large companies, since everyone is used to the existing method," he added. "We need to constantly talk with national monopolies in order to smoothly change the paradigm. For them, to open their markets and come to equitable functioning is a test and a costly task."
The Eurasian Economic Union is a rather young international organization, which currently comprises only five members: Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia. The EAEU is aimed at facilitating regional economic cooperation through the free movement of capital, goods, services and labor.
