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TERRA ECONOMICUS

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  • Eurasian integration: Reality and development prospects in the context of external shocks and fragmentation of global trade

Eurasian integration: Reality and development prospects in the context of external shocks and fragmentation of global trade


TERRA ECONOMICUS, Vol. 23, No 2,

Citation: Sarygulov A.I., Zvyagintsev A.I., Raipov A.A., Tick A. (2025). Eurasian integration: Reality and development prospects in the context of external shocks and fragmentation of global trade. Terra Economicus 23(2), 107–125 (in Russian). DOI: 10.18522/2073-6606-2025-23-2-107-125

Acknowledgment: The research was funded by the Science Committee of the Ministry of Science and Higher Education of the Republic of Kazakhstan (Grant № BR21882364 Imperatives of development of Kazakhstan in the Eurasian integration amid challenges and ruptures in the world architectonics).

The purpose of this paper is to analyze the dynamics of the processes of the Eurasian integration since the establishment of the EAEU in 2015, taking into account the events that followed after February 2022, which introduced significant changes in the geography of the foreign trade of the EAEU countries and, to a certain extent, stimulated the processes of fragmentation in world markets. Russia, as the largest economy of the EAEU, experienced a significant restriction on energy exports to Europe, a narrowing of the possibilities of using financial instruments and resources of global markets, which is reflected in the pace of the Eurasian integration. The results show that, given the relatively low competitive advantages in the global markets of all five countries of the EAEU, and the emerging fragmentation of the world trade, their economic integration will be largely predetermined by the development of trade and cooperation ties with the Russian economy. Based on the mathematical model, it is demonstrated that the stability of integration processes to external shocks can be ensured, in particular, by a coordinated macroeconomic policy of the EAEU countries, even if it is of a recommendatory nature.

Keywords: Eurasian economic integration; competitive advantages; inflation; world trade fragmentation
JEL codes: C54, E27, E31, F15


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Publisher: Southern Federal University
ISSN: 2073-6606