01:02 GMT12 August 2020
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    EEU needs to expand to profit from new economic ties.

    ST. PETERSBURG (Sputnik), Daria Chernyshova — The Eurasian Economic Union (EEU) needs to expand to profit from new economic ties, the head of the UN Economic and Social Commission for Asia and the Pacific (ESCAP) office for North and Central Asia told Sputnik on Saturday.

    The EEU is a Russia-led economic bloc which aims to streamline trade in goods and services between its member states — Russia, Kyrgyzstan, Armenia, Belarus, and Kazakhstan.

    "The [EEU] customs union needs to keep moving to remain dynamic," ESCAP's Tiziana Bonapace said on the margins of the St. Petersburg International Economic Forum (SPIEF) in Russia about the admission of new members to the EEU.

    All EEU members will profit from a more diversified set of countries, associated complimentary trade ties and expertise that other member states bring along with them to the bloc. She warned however that more members meant less leeway for compromise, which requires a delicate balance between the two extremes.

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    Tags:
    customs, 2016 St. Petersburg International Economic Forum, EEU, Central Asia
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