Greater Europe From Lisbon to Vladivostok: Challenges and perspectives of a Common Economic Space

Abstract

This paper aims to review the history of the idea of a free trade area from Lisbon to Vladivostok, or more specifically the creation of a free trade area between the European Union and the Eurasian Economic Union (or Russia in earlier versions of this idea). The present state of trade and investment relations between Russia and the European Union is examined. An extensive literature review is provided on the benefits of establishing a free trade area between the European Union and Russia (or the Eurasian Economic Union). Concrete steps for the potential strengthening of cooperation between the Unions are outlined. The barriers to integration are discussed in detail, as well as the challenges within the Eurasian Economic Union. It is shown that a dialogue between the European Union and the Eurasian Economic Union will allow them to restore and expand economic cooperation and take another step towards the realization of the concept of a common economic space from Lisbon to Vladivostok, beneficial to all parties involved.