Eastern interest in Eurasian economic deal

http://atimes.com/atimes/Central_Asia/CEN-01-110614.html



Eastern interest in Eurasian economic deal
By Philip Iglauer
Jun 11, '14

While Russia's relationships with the United States and Europe are frayed over the conflict in Ukraine, the newly minted Eurasian Economic Union (EEU), made official during a signing ceremony in Astana, Kazakhstan, on May 29, will surely tighten Russia's ties with former Soviet republics.

But the real winner of the trilateral agreement between Belarus, Russia and Kazakhstan will likely be the last of these. The pact could boost economic growth in the Central Asian nation and, by extension, benefit foreign investors, including South Korean companies with facilities in Kazakhstan.

"First of all, (the EEU) provides access to a common market of over 170 million people. Second, after signing the agreement, our expectation is that by 2030 the economy of the member states will expand by an additional 25%," Kazakh Ambassador to South Korea Dulat Bakishev said.

Bakishev said he expects the pact to generate additional growth worth US$600 billion in the next 15 years and that the EEU will develop into an open economic community. "Kazakhstan will remain a reliable bridge between Europe and a growing Asia."