Seizing the opportunity: A view on the potential of the EU-Russia common exonomic space
Seizing the opportunity: A view on the potential of the EU-Russia common exonomic space

Author(s): Author Not Specified
Subject(s): National Economy, Supranational / Global Economy, Economic policy, International relations/trade, Evaluation research
Published by: CEPS Centre for European Policy Studies
Keywords: EU-Russian relations; European Round Table of Industrialists; increased economic integration;
Summary/Abstract: EU-Russian relations have enormous economic potential. In the view of the European Round Table of Industrialists (ERT), the future benefits available to the EU and Russia from closer cooperation on economic issues are greatly underestimated. Russia has an unprecedented opportunity to strengthen its position as a global economic power house. Meanwhile the European Union could benefit substantially from increased economic integration with its largest neighbour and one of its best customers. The foundations for realising the potential of this relationship are already in place. In May 2005, the EU and Russia agreed to establish detailed frameworks for intensifying mutual cooperation in four areas, including the creation of a Common Economic Space. This approach provides an excellent opportunity to work together to foster shared economic growth and prosperity.

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