EAEU Expands International Cooperation: Latin American Trend

Abstract

Integration associations are trying to expand their composition or sphere of interaction / influence. In modern international relations, the importance of transregionalism is increasing due to strengthening interdependence of countries at the global level and the formation for a new architecture of the world economy. The Eurasian Economic Union (EAEU) is trying to integrate itself into the world economy as an independent regional economic center and increase its competitiveness. Therefore, the Eurasian Economic Union seeks to develop transregional interaction with various regions, including Latin American and the Caribbean countries that caused the increasing role of Latin America in the context of the formation for a polycentric world system. The aim of the study is to identify transregional interaction specifics between the Eurasian Economic Union and Chile, Peru, Ecuador, Cuba, and Argentina. On the basis of a comparative analysis of political and legal documents on cooperation, according to legal forms, institutional mechanisms and areas of cooperation the authors have concluded that the Eurasian Economic Union (EAEU), in contrast to the European Union, implements classical transregionalism model with Latin American countries. Wherein, the Memorandum of understanding is the mechanism that does not create rights and obligations, within the framework of international law. The signing of such documents on cooperation between the Eurasian Economic Union and Latin American countries is the initial stage for strengthening mutual trade and economic cooperation, exchange of experience and information on regional economic integration, research and development so can be considered as element of soft power.