Industrial Policy of Eurasian Economic Union

Abstract

The necessity to establish a consistent and sensibly planned industrial policy at the level of regional integration associations (RIAs) is justified in terms of the modern global structural changes as well as due to the growing number of protectionist measures applied by particular states and regional integration associations regarding the field of imported industrial goods (e.g., the EU carbon tax, trade wars, and restrictions due to economic sanctions). Despite the fact that both Russian and foreign literature pay full attention to the State industrial policy shaping and implementation issues, although, the conceptual theoretical grounds of the industrial policy shaping and implementation within RIAs are missing and are poorly researched. Based on the review of theoretical knowledges article proposes a conceptual approach to the RIAs industrial policy implementation in the context of the State industrial policy shaping. The article identifies features and restrictions hampering implementation process as well as determines proper conceptual definition of specific terms. For instance, the RIAs industrial policy consists of the complex of regulatory instruments at supranational level which have both stimulating and coordinating nature as well as national regulatory system with the aim of harmonizing the development of member countries’ industrial capacities, with the involvement of supranational institutions. Also, it is to be noted that the main feature of the RIAs industrial policy is its coordinating and stimulating nature. Using the example of Eurasian Economic Union (hereinafter, the EAEU) the approach to its industrial policy development has been developed. Based on the analysis of particular macroeconomic indicators of the EAEU Member States, their industrial development priorities, comparison of those priorities with the global trends, the following EAEU industrial strategic priorities have been identified: assisting in promotion of commodities to foreign markets, encouraging innovation activities, increasing investment attractiveness, developing small- and medium-sized businesses, environment protection, and digital transformation. The general development trajectories of industrial development which has been highlighted in the article as well as the proposed coordinating and stimulating supranational regulation measures can be a solid fundament for achieving development objectives of the EAEU Member States and play a catalyst role in transforming their economies.