Eurasian Bank analyses Ukraine's cooperation with Customs Union

ALMA-ATA, September 18 (Itar-Tass) -- The Eurasian Development Bank's
Centre of integration research has began researching macro economic effect
of various forms of deep economic cooperation of Ukraine with the Customs
Union's countries. The research is made jointly with the Russian Academy
of Sciences' Institute of economy forecasts and Ukraine's Institute of the
economy and forecast of the National Academy of Sciences.
Organisers say that the research's objective is to see the present
state and future of integration connections between Ukraine and Russia and
its partners in the Customs Union. The research is due to be ready by
early 2012. Scientists will describe most effective forms and directions
to develop the integration processes.
"I do not have doubts that the economic integration on the basis of
United Economic Space will be to the benefit of all participating
countries," Director of the Russian Academy of Sciences' Institute of
economy forecasts Viktor Ivanter said. He stressed that true evaluation of
long-term consequences of integration requires complex calculations with
use of modern forecast and analysis instruments. "We are designing the
instruments now together with the Bank on the basis of inter-sector and
international macro economic models, which are used in research of our
institute, and in and Ukraine's Institute of the economy and forecast of
the National Academy of Sciences."
Early analysis shows that the potential economic effect from Ukraine's
joining the Customs Union may result in higher payment balance of the
country by 6-9 billion dollars a year. Only export of Ukrainian goods,
first of all metallurgical and machinery products, towards Russia may grow
by 5-8 billion dollars.
Vladimir Yasinsky of the Eurasian Development Bank said that "over
past two years, the Bank has been paying much attention to analysis of
regional economic integration, and the Customs Union of Russia, Kazakhstan
and Belarus has started it as well as formation by the CU's
member-countries from January 1, 2012 of the United Economic Space."
"Integration processes in various sectors of economy are followed by
our analyses, which involve leading scientific and expert centres of
different countries," he added. In order to coordinate the work, the
Eurasian Development Bank organised in St. Petersburg in June of the
current year a Centre for integration research.
Eurasian Development Bank (EDB) - an international financial
organization founded by the Russian Federation and the Republic of
Kazakhstan in 2006. The Bank's mission is to facilitate development of
market economies, economic growth and expansion of trade and other
economic ties in its member states by carrying out investment activities.
The Bank's charter capital exceeds 1.5 billion dollars. The member
countries are Russia, Kazakhstan, Belarus, Tajikistan, Armenia and
Kyrgyzstan.