Germany supported a common economic space between the EU and the EAEU

Oliver Hermes, Chairman of the Eastern Committee of the German Economy, urged to resume the dialogue between the EU and the EAEU on the creation of a common economic space in an article published on November 17 on the organization’s website.

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According to the expert, the Comprehensive Regional Economic Partnership (RCEP), signed on November 15 in Hanoi, creates another global economic center of power. At the same time, Hermes notes that the covers countries with completely different political systems.

In this situation, it is extremely important for the European Union to start a dialogue on the creation of a single economic zone from Lisbon to Vladivostok. “It is all the more important that the EU correlates its economic weight with the dominance of China, as well as the US, and mobilizes the resources of its neighbors,” writes the Chairman of the Eastern Committee.

Therefore, it is imperative for Europe to start a dialogue with the Eurasian Economic Union (EAEU). “In the interests of the industry, we need an institutionalized exchange between the EU and the EAEU regarding the single market,” emphasizes Hermes. According to the expert, the single market “from Lisbon to Vladivostok will allow to combine technological know-how with the market potential of Western and Eastern Europe and become a global leader in digital technologies and green technologies of the future.”

According to the expert, the RCEP example shows the possibility of such a trade agreement between the EU and the EAEU despite political differences. Given the divergence of economic courses between the United States and Europe, only such an agreement will allow Europe to remain in the lead.

We will remind, on November 15 in Hanoi, 10 ASEAN member states, as well as Australia, China, India, New Zealand, South Korea, and Japan signed an agreement on a free trade zone — the Comprehensive Regional Economic Partnership. The size of the RCEP market is about 2.2 billion people, and the total GDP is 28 trillion dollars — a third of the global one.

Let us also recall that the Eastern Committee of the German Economy is a federation of a number of the largest business unions of Germany, which represents the interests of the German industry in the markets of Southeast and Eastern Europe, Central Asia, and the Caucasus. It was founded in 1952.

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