THE ECONOMIC POLICY OF THE EUROPEAN UNION IN CENTRAL ASIA: ANALYSIS AND PROSPECTS

Abstract

The European Union (EU) plays a significant role in Central Asia's economic and political landscape. As global geopolitical dynamics shift, regional relations are advancing. The EU contributes over a third to Central Asia's total foreign trade. However, all Central Asian countries, except Kazakhstan, currently face a trade deficit with the EU, which poses economic and political risks. Therefore, studying the EU’s economic policy in Central Asia becomes crucial, involving the analysis of the EU’s strategic direction in conceptual documents. This article analyzes the EU's economic policy in Central Asia by comparing the EU Strategies for Central Asia in 2007 and 2019. It also performs a statistical analysis of trade indicators between Central Asian countries and the EU from 2002 to 2022. The main findings show that while the EU's principles in economic cooperation with Central Asia remain consistent, there is a more nuanced approach to addressing regional challenges. The EU actively assists Central Asian countries in aligning legislative norms with World Trade Organization agreements, facilitating access to international markets. There is also a focus on developing small and medium-sized businesses and promoting a positive image of Central Asia to attract investments in key economic sectors. An analysis of trade indicates shows that the majority of exports go to Kazakhstan, raising the need to consider expanding the trade range, especially through promoting intraregional trade and connections, such as initiatives like the Central Asia Gateway trade portal.