YEREVAN, JUNE 15, ARMENPRESS. Acceleration of global processes can reshape the global economic relations and lead to new global labor division, EEC Board Chairman Tigran Sargsyan said during a conference on how the integration in the sidelines of the EAEU can  response to global challenges. “During the last years the speed of global system transformations has significantly accelerated and it has become rather unpredictable. The developments throughout the world have further globalized and touch all the countries without exceptions. The world has become smaller and the interconnectedness of national economies has deepened further” Tigran Sargsyan said.

He stated that the change of the status qua is always a stress for the states and new unions, but at the same time it creates new opportunities for them. “Acceleration of global processes can reshape the global economic relations and lead to new global labor division and jurisdictions. And those states and unions that are quicker to adapt to the transformation have much more opportunities to occupy a good place in the new system. Regional integration has become a natural response to external economic challenges.

Regionalization is the newest direction of modern era”, Tigran Sargsyan said, adding that during the St. Petersburg international economic forum 2016 it is planned to discuss the modern global economic trends, for example the issue whether the transformation of global economic system will be able to improve the global economy or the opposite is expected by unification of states in “closed clubs” leading to trade and economic segmentation.

“The deepness of integration within the Eurasian Economic Union is the guarantee for successful development of international relations. It is much more convenient for our external partners to sign trade and economic contracts with the Union rather than each member state separately. This creates extra opportunities for them”, EEC Board Chairman said.

He also reminded that developing relations with the third countries has been declared a priority goal for the Union by the President of Kazakhstan Nursultan Nazarbayev in 2016. Tigran Sargsyan focused on the creation of FTAs as a key method for deepening international cooperation.

Tigran Sargsyan particularly highlight Russian President Vladimir Putin’s idea of establishing cooperation between the EAEU and the Shanghai Cooperation Organization, ASEAN and the expected economic partnership with the Silk Road economic zone as its basis. “The implementation of the project of combining the EAEU and the Silk Road economic zone can significantly influence the regional and global economic architecture. The cooperation between the EAEU and nChina will make the region more dynamic and stable”, he said, adding that the EAEU is also ready for a dialogue with the EU. “I am sure that the idea of creating a common economic zone extending from Lisbon to Vladivostok is still actual”, Sargsyan said.

The EEC Board Chairman emphasized that the new supranational institution, the Eurasian Economic Commission, has adapted the best practices,