A4 Dumitru Filip 2063271 November 8, 2011 Final draft Eurasia and Its Future In October 2011, Vladimir Putin,

current prime minister of Russia, have presented a new economic Union that will hold the name Eurasian Union. Originating from a former customs union, Eurasian Union will have its aims similar to that of European Union, mainly, formalization of a free trade regime, converging and harmonizing national legislation, and forming a common market. Numerous critics asserts that Eurasian Union will face major internal problems. Those critics fail to take in account the Unions natural resources, capital and reserve of human technology that will put Eurasian Union alongside other regional key players. Eurasian union will become a historic milestone for Eastern Europe. Firstly, by lifting tariffs and other quantitative restriction measures, Companies will enjoy equal rights in all member states, which will open new opportunities for business; moreover, a huge market, encompassing nearly 160 million of customers, will only quicken the process of integration into an unified market. Consequently, the rise of competition will result into a necessity for business to modernize its equipment, improve their efficiency and increase its production. Thus, the price of products will fall, and the

consumer will benefit. To efficiently regulate the market, Eurasian Union will establish Eurasian Development Bank. Its main focus, among many others, will be to provide investments and financing for auspicious regional project, which will lead to strengthening cooperation between member states. Other scopes will include setting up: anti-laundering legislation, which will define and prohibit money laundering; legislation for rules of competition, which will outlaw cartel agreements and monopolization of market; antidumping legislation, which will regulate export and import of domestic products.

Second argument in support of the Union is that by eliminating migration and labor borders the Member States will be subject to the same jurisdiction. Therefore, creating legal stability and expectation. The general public will be free to choose in which member state to live, study, work or transport its services. The entrepreneurs will have a free choice to choose where to register their firms and manage their business. This rush of activity will force national administration to modernize their economic policies, legislation that enforces this policies and institutions that execute them. Consequently, for the national authorities to survive in this kind of new business and investment climate, it will have to review its economic system and fix its flaws. This will lead to advancing their legislation to global standards. Furthermore, the Union will be a vivid human rights supporter. The treaty establishing it, explicitly declares Unions objective of promoting fundamental human rights and democratization. In addition to human rights, other forms of rights are also included in

the treaty: political freedom, freedom of association and of expression. Moreover, in order for the member states to fully implement and respect abovementioned rights, the Union will install a Human Right Commission; to which citizens will have a direct access to submit their cases. In summary, Eurasian Union will present a new economic and legal order in Baltic region. It will provide a fillip to expand economic prospects, modernize legislation and revitalize human rights. This new momentum will establish the Union within the global economy and trade system; thus, making the Union a key player in shaping the future.