Will Coronavirus Kill EEU? An Exceptional Resolution

Armenia


The extraordinary resolution on zero customs fee on a series of goods imported to EEU during the coronavirus pandemic adopted by the EEU Economic Commission has come into effect. The resolution will apply to the period starting from March 2020. The extraordinary decision is determined by the necessity of efficient measures against the spread of the virus but has a far-reaching context.

The point is that the coronavirus is destroying the infrastructures of global economy and politics. In fact, it is widely believed that the world after the pandemic will be different from what it was before the virus. And though there is no clear understanding of what exactly will be different in the world, the scale of the current collapse indicates that global economic and political changes will be significant.

These pose crucial, including deadly risks and challenges to supranational structures and unions. The French president Macron stated during the videocall of EU leaders that the EU is at risk. Italy is clearly disappointed with the EU behavior in the time of spread of infection. At the same time, however, there are objective circumstances, the rules of the game are set by the infection, and the EU rules proved weak against them.

If the EU rules are weaker than the infection, the EEU is all the more so. One thing is obvious – the infection is spreading, summits are held through videocalls whereas the EEU leaders are almost not communicating among themselves.

It is simply meaningless, and the world in pandemic has further emphasized the obsolesce of this organization. At the same time, the price of oil drops, causing a collapse in the Russian consumer market as well as one of the singular meanings of the EEU, the common energy market. If the price of carbon fuel drops in the world, the meaning of getting a preferential price thanks to the joint market is lost. After the revolution Prime Minister Nikol Pashinyan spoke about this when he said that once the joint market and lower price is not ensured, the meaning of being inside this union disappears. In fact, the meaning of this market may be lost in the result of the dropping price of oil.

In this context, Deputy Prime Minister Mher Grigoryan announced in parliament that if the downward tendency of the price of oil continues, Armenia may call on Russia to link the price of gas to the price of oil.

Will the collapse caused by the coronavirus reach the EEU, to record the death of this still-born organization?



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