Planning and Risk Management in the Raw Materials Sector of Greater Eurasia: Harmonization of Standards and Evaluation Methods

Abstract: In the current global context, characterized by high market uncertainty and the dynamics of socio-economic factor changes, the use of modern planning tools becomes a critical condition for stability in mineral resource markets. These methods entail the formation and substantiation of optimal development trajectories for the mineral-resource sector, based on geological knowledge of territories and infrastructure decisions for them, marketing strategies, and advanced technologies related to the extraction and processing of minerals. This approach provides dynamic adaptation to global market trends, offering the necessary tools for corporations and states to strengthen their market positions in today's turbulent economic environment. The object of research is the economic relations arising during planning in the mineral-resource complex of Greater Eurasia. The aim of the study is to characterize the current mechanisms of planning in the mineral-resource complex of Greater Eurasia, to substantiate new planning approaches with the prospect of their application for developing development trajectories for the mineral-resource complex. Research methods include general scientific methods, the monographic method, the abstract-logical method, and economic-statistical methods, as well as graphical constructions. The scientific novelty lies in the systematization of the most relevant directions for the organization and development of planning in the mineral-resource complex of Greater Eurasia.

Keywords: economic development, Greater Eurasia, planning, mineral-resource complex, project evaluation, management control, risk assessment.

The concept of "Greater Eurasia," proposed as an alternative to the idea of "Greater Europe" in 2015, is considered as a project to create a unified geostrategic and economic zone. It aims at macroeconomic stabilization and development, overcoming the consequences of the Cold War, and resolving current conflicts. President of Russia Vladimir Putin supported this concept, seeing in it the potential for sustainable development of the Eurasian region.

The Greater Eurasia region combines many cultural and civilizational traditions, encompassing a significant portion of the world's population, GDP, and energy resources. The geological diversity of this territory presents a plethora of ancient and young platforms, mountain ranges from various epochs, and actively forming island arcs, making the region extremely rich in mineral resources. It hosts vast reserves of oil, natural gas, and metals, including gold, underscoring the region's global significance in the world mineral-resource complex. 

Greater Eurasia significantly surpasses other regions in terms of the volume of explored and presumed hydrocarbon reserves, enclosing within its boundaries the leading world oil and gas fields, key among which are located in the Persian Gulf and the Russian Federation.

The subsoil of the Persian Gulf contains over 100 billion tons of oil, accounting for more than eighty percent of all Eurasian reserves. This is due to the presence of large fields, each with reserves of over 1 billion tons. Of the total number of major fields, 70% are located in the Persian Gulf. Considering gas reserves (over 80 trillion cubic meters), this region holds half of Eurasia's mineral-raw material resources. 

The territory of Russia is also rich in hydrocarbon reserves, especially in the Siberian regions, the Volga region, the Urals, and the Arctic. Russian oil reserves are currently estimated at 10% of the total Eurasian volume, and gas reserves at 30%. Russia accounts for 14 supergiant oil fields, which is 56% of their total number. It is necessary to consider that these figures will be refined as more inaccessible areas are studied. Russia's undeveloped reserves are estimated to reach up to 90 billion tons of oil and more than 200 trillion cubic meters of gas.

In other countries of Greater Eurasia, apart from Russia and China, the likelihood of discovering new large hydrocarbon reserves is small due to a high degree of exploration. In Russia, only 31% of oil and 26% of gas reserves have been studied, indicating a high probability of significant discoveries in the future. New substantial fields discovered in recent years in the Krasnoyarsk Territory and on the shelf of the Kara Sea confirm the potential for growth in the Russian hydrocarbon sector. 

Russia also possesses promising prospects regarding unconventional sources of hydrocarbons, as well as other less traditional forms of reserves concentrated in various geological traps across the country. This confirms the presence of high reserve potential in various regional oil and gas complexes, such as the Volga-Ural, North Caucasus, West Siberian, and Lena-Tunguska.

Territories of the Russian Federation located beyond the Arctic Circle, including regions such as the Timan-Pechora and the West Siberian areas, as well as the northern lands of the Krasnoyarsk Territory within the Yenisey-Khatanga basin, possess an undervalued potential in the field of hydrocarbon extraction. Particular attention deserves the territory of Yakutia, covering the Viluy and Tunguska-Lena oil and gas bearing basins, the peripheries of the Sea of Okhotsk and coastal areas adjacent to the Arctic and Pacific waters.

Given the limited volume of exploration and research in these areas, geological and geophysical studies play a significant role within the strategy of state geological exploration. The focus of such projects lies on the extensive but poorly explored peripheral sections of traditionally resource-rich regions and the Arctic territories.

Among the innovations and technologies actively integrated into the mineral-resource complex, the dynamic development in the field of digital technologies and electrical exploration, including aerogeophysical methods, stands out. Their implementation is a vivid example of the evolution of strategic approaches to the search and exploration of mineral resources. These methods, combined with advanced data processing algorithms, the use of unmanned aerial vehicles for collecting geophysical information, and the application of comprehensive geological models, significantly increase the efficiency and accuracy of mineral deposit forecasts. Such an approach contributes to a profound digital transformation of the industry that goes beyond traditional automation, opening new prospects for cost evaluation of projects, as well as for mechanisms of control, efficiency management, and risk, which becomes key in the context of planning in the mineral-resource complex of Greater Eurasia. The creation of an intergovernmental planning center could be a strategic step, ensuring synergy between states in the field of resource development and management.

Overall, Greater Eurasia, and Russia in particular, have the full spectrum of identified minerals registered to date. However, in recent years, our country has experienced a shortage of 21 types of mineral raw materials and a limited number of places for geological research. This is partly due to the problems with the procedures for issuing licenses for subsoil use, which in turn correlates with the absence of new major discoveries and the accompanying difficulties in extracting certain resources.

The observed global trends in the extraction and use of mineral resources include:

The tendency toward the depletion of the resource base;
Deterioration in the quality of reserves at some new deposits;
The necessity to search for and develop resources at greater depths;
Increased relevance of developing unconventional deposits;
Shifting geological exploration activities to remote and less studied areas with complex extraction conditions and limited infrastructure.

Considering that the Russian mineral-resource sector holds global significance and serves as the foundation of the country's economic system, strategic management of this sector, including its innovative development, requires particular attention to existing and anticipated challenges, as well as to the dynamics of the global mineral raw materials market.

Thus, innovative activity is critically important for the development of the mineral-resource complex. Changes in production conditions and the trend of using less concentrated sources of raw materials imply the necessity to search for and implement advanced technological solutions. The raw materials industry is expected to stimulate innovative economic development for resource-dependent economies, initiate demand for cutting-edge technologies, and facilitate their dissemination across various industrial sectors. Nevertheless, there are many challenges and barriers that hinder innovation progress in this area, which necessitates a more active use of strategic planning tools. 

Effective strategic planning in the mineral-resource complex offers numerous advantages:

It provides a qualitative analysis of economic trends, aids in studying demand and supply in the global market, and monitors changes in management strategies of leading industry companies;
It helps to better assess the impact of macroeconomic factors on the stability and development of industry segments in response to anticipated global changes;
It identifies the most viable strategies for the development of the potential of enterprises and the industry as a whole, with an emphasis on practical applicability and the achievability of goals. 

Strategic and regulatory planning in the mineral-resource complex of Greater Eurasia should be structured in a way that forms a hierarchical network, becoming more detailed at each planning level. Documentation and planning structures should become more specific and targeted as they approach short-term goals, thus providing more effective management and adjustment of economic processes. As part of the long-term policy, the states of Greater Eurasia need to develop and implement programs that will serve as a foundation for less extensive, but more frequently updated regulation of the economic order in the mineral-resource complex. Such planning includes targeted management on an annual basis through financial and tax incentives, as well as other economic tools.

Forecasting and strategic planning are crucial factors for stable economic development. To maintain growth dynamics and adapt the mineral-resource complex to future trends, the leading economies of Greater Eurasia must develop and apply complex models and methodologies that link macroeconomic indicators with national resources under state supervision. In the context of modern global economic relations, strategic interaction between marketing strategies and state regulatory policies contributes to the creation of a flexible management system capable of adapting to changing global conditions.

The process of preparing key planning documents in the mineral-resource complex of Greater Eurasia can be represented as shown in Figure 1. 

Thus, the process of preparing planning documents in the mineral-resource complex of Greater Eurasia includes five key stages: data analysis, alternative selection, determination of strategic benchmarks, development of a strategic plan, and its subsequent detailing.

Research and analysis of economic data by government authorities are conducted to solve two key tasks: analysis of the current economic climate and projection of the main strategic directions for development, as well as the creation of econometric models for further planning of the mineral-resource complex.

At the initial stage, based on the extrapolation of constant economic patterns, the formation of a future economic outline is carried out. Then, the compliance of the initial data with the established goals of sustainable development and planned structural changes is checked, which allows for the assessment of the feasibility and viability of the conceived initiatives. Further actions imply the approval of the general direction of economic policy for the development of the mineral-resource complex.

A comprehensive methodological approach to the forecasting stage, goal-setting, and selection of strategic directions involves taking into account the continuous interaction between internal (for example, profitability level, production potential, costs, capital investment) and external (global trade trends, economic indicators, and price fluctuations on the world market) factors. Differentiating these two types of indicators is often challenging, and internal dynamics are sometimes mistakenly perceived as external conditions due to a lack of understanding of their essence. In such conditions, despite the inherent challenges, econometric methods are employed to adjust strategic goals in line with available resources.

The significance of the duration of expected time intervals directly affects the specificity of the indicators. In the short term, a detailed analysis of the interaction between budget allocations and their determining factors is often overlooked. However, within the framework of long-term forecasting, such analysis becomes crucial.

The final goal of strategic planning is to improve the welfare of the nation, measured by criteria such as the volume of Gross National Product, employment level, the state of the trade balance, and price stability. Optimization of economic strategy in the mineral-resource complex is carried out based on forecasting these indicators in various economic policy scenarios.

Adapting strategies to the changing conditions of the global economy is an ever-evolving process. In response to these changes, Russia adopted the "Law on Strategic Planning," embodying the application of advanced global practices in this field.

However, some provisions of this law remain not fully implemented in practice. Difficulties in implementing the requirements of this law have forced the Russian government to resort to measures for delaying its implementation. The potential of the state apparatus has not yet reached the level necessary for the full execution of legislative directives, as a result of which strategic management is often reduced to a formality. Despite the president's aspiration to develop relevant strategic development benchmarks, there is a discrepancy between established goals and the actual mechanisms for their achievement.

Creating an effective strategic management system requires coherence between all levels of economic impact aimed at achieving specific long-term tasks. Without such interconnectedness, economic management is subjected to the influence of hidden variables, rendering goal formulation ineffective.

Strategic preventive strengthening of the mineral-resource complex, both within Greater Eurasia and in Russia, implies the stimulation of fundamental sectors with advanced technological solutions. This requires targeted redistribution of investments into development and stimulation of the cluster economy. Also relevant is the implementation of a comprehensive five-year initiative aimed at forming key technological and production complexes, ensuring a stable macroeconomic environment, and creating an appropriate institutional and managerial infrastructure. An important element in this area is the increase in funding from the state, synchronized with a revision of the strategy of established priorities and with a focus on the innovative development of the mineral-resource complex.

In the strategic perspective, Russia's entry into the number of economically developed states presupposes the reduction of the lag in industries that use advanced technologies and the acceleration of the development of those sectors where such technological backwardness seems insurmountable. An important component in this situation is the improvement of natural resource processing processes and the mobilization of research potential into the real sector of the economy. An integral part of the strategy is the policy of forming economic independence, starting with the organization of a strategic plan in the field of efficient use of national resources.

The system of strategic planning in the mineral-resource complex of Greater Eurasia implies the implementation of a multi-level forecasting system, which includes long-term and short-term benchmarks, as well as defining the tools and mechanisms for their implementation. This encompasses the development of long-term concepts, operational planning and the formulation of tactical plans, as well as the coordination of institutions involved in regulating economic activity and implementing effective methods of control and systems of accountability for achieving planned results. 

Considering the strategic role of financial institutions supported by the state and large corporate structures, it is necessary to develop and adapt annual comprehensive programs. These programs should ensure a balance between production capacities, capital investments, and the financial parameters of individual entities of the mineral-resource complex. Plans aimed at socio-economic development, industry modernization, and the development of regional raw material potential should be synchronized and based on an up-to-date and consistent methodological platform.

The "Law on Strategic Planning" focuses attention on a number of aspects of the system, predominantly concerning the processes of developing foundational documents within the executive branch of power. Nevertheless, there is a need to create and apply comprehensive algorithms to bring long-term plans and strategic initiatives to the forefront, as well as scenarios reflecting the approved trajectories and directions of development. Legislatively established procedures for monitoring commitments must regulate the relationships among participants in the strategic planning process on the principles of collaboration between the private and public sectors.

In the strategic planning of the mineral-resource complex, institutes, enterprises, banks with state participation, and major economic alliances are pivotal. It is crucial to integrate their collective resources into the strategic formulation and execution process. There is a pressing need to establish criteria for the activities of these entities that focus on fostering new, market-relevant production lines attuned to contemporary technological advancements. Concurrently, systems of accountability must be instituted to ensure the timely realization of these initiatives.

In this setting, the significance of novel evaluation tools for gauging the performance of mineral-resource organizations becomes apparent. These tools should measure investment appeal and provide foresight into potential risks. Two noteworthy developments in this field are:

1.The Russian National Association for Subsoil Expertise NAEN Code — a distinct Russian national standard that aligns with the CRIRSCO guidelines and enjoys international recognition.
2.The Hydrocarbon Management System (HMS) — developed collaboratively by the Gubkin Russian State University of Oil and Gas (National Research University), the I.M. Gubkin Scientific and Technical Society of Oil and Gas Specialists, the AOOE "National Association for Subsoil Expertise", and industry professionals from several leading firms in the hydrocarbon extraction and processing sector. The HMS serves as a domestic counterpart to the internationally recognized PRMS.

These frameworks are integral to advancing the sector's efficiency and competitive edge on a global scale.

The forecasting and planning procedures that determine the direction of economic development of the mineral-resource complex depend on the legal base that ensures coordinated work between state bodies at all levels, local authorities, scientific teams, and corporate entities. This integrated structure is designed to harmonize interests and available resources in the formation and realization of strategic plans at various levels.

In the process of implementing the development policy of the mineral-resource complex, the differences in the production potential of regions and the interconnections between them are often overlooked. This oversight leads to difficulties in synchronizing various regional programs and initiatives implemented at the federal, constituent, and municipal levels.

The necessity of including the territorial component in all aspects of state forecasting and planning is evident. This pertains to all stages, from the national level to specific local projects. A priority task is the review and official approval of the Spatial Development Concept. This fundamental document should establish spatial priorities and integrate territorial development strategies into the national management strategy. It should also allocate the roles and specializations of regions, ensure harmonious development of the economic structure, synchronize efforts to form the resource base in line with current requirements, and define comprehensive lists of these initiatives. Within the framework of the Concept, coordinated approaches to the development of the mineral-resource complex's production and social infrastructures, the energy and transport sectors, as well as federal target programs and sectoral strategies, should be developed.

To enhance the effectiveness of strategic planning in the mineral-resource complex of Greater Eurasia, it is relevant to consider the possibility of establishing a new body - the Intergovernmental Centre for Strategic Planning.

The goals and objectives of the Centre are shown in Figure 2.

Thus, the establishment of the Intergovernmental Centre for Strategic Planning will contribute to more accurate forecasting and implementation of strategic goals in the mineral-resource complex of Greater Eurasia.

To accelerate growth and ensure stability of development in this direction, it is important to consider an intellectually-oriented economic model, where innovation and scientific and technological progress act as the main drivers. The transition to innovative development increases the strategic importance of scientific research in the mineral-resource complex. Clearly, implementing these processes through specialized ministries lacks efficiency; hence, the creation of a new body with the necessary authority to coordinate scientific, technical, and innovative work is essential. In particular, the establishment of the Committee for Scientific and Technological Policy (CSTP) is proposed, whose tasks will include:

- Identifying and supporting priority research and technological projects;

- Developing strategic directions in the field of scientific research and technical innovations;

- Coordinating the actions of legislative bodies at all levels related to policy in science and innovative activities;

- Legal regulation in the field of science and technology, innovative activity, and protection of intellectual property rights;

- Analytical work to assess the innovative potential of research programs involving the state and formulating proposals for their economic development;

- Analysis and assessment of the scientific and technical base, development of technological processes, and commercialization of scientific research and development results;

- Maintaining a register of indicators to evaluate the effectiveness of authorities responsible for scientific grants and innovation incentives;

- Supporting initiatives for funding scientific projects and research, stimulating investments in innovative ventures considering corporate contributions;

- Improving the process of training and retraining highly qualified scientific and engineering personnel;

- Overseeing external and internal directions of scientific and technical policy in the context of international cooperation;

- Facilitating the integration and application of advanced international technological solutions;

- Activating entrepreneurial activities aimed at commercializing and adapting scientific developments in the production sector;

- Organizing transparent use of budget funds allocated for financing research and innovative projects.

The stability and autonomy of any state rest on continuously maintained national security, which occupies a central place in strategic management and planning. In the context of the current geopolitical climate, it is extremely important to update and adapt national security mechanisms to counter challenges such as technological lag, a decline in production potential, and the physical deterioration of infrastructure.

Methodologically, ensuring national security implies the use of an assessment system based on the identification of critical indicators. The systematic application of these indicators was initiated in 1996 and endorsed by the scientific community, and then further developed in 2000 by the scientific council at the Security Council, where a set of 19 primary indicators of economic security and their threshold values were approved, becoming key for analytical work in this area.

The study of economic and technological processes, including the mineral-resource complex, considering dynamics, requires the use of indicators reflecting their potential for development. A critically important aspect of this process is establishing threshold values for indicators, exceeding which may pose a risk of destabilization or even collapse of these systems. In this context, instead of a single-level threshold that may be reached in cases of upward or downward movement of indicators, it is advisable to establish a dual limit that creates a safety framework for these phenomena.

Understanding the difference between threshold indicators for maintaining stability and developing the mineral-resource complex is extremely important. If the system cannot maintain its baseline level, it can lead to its collapse or transformation. On the other hand, exceeding the limits designated for development can result in a loss of competitiveness and possible domination by other systems. Often misinterpreted as long-term development, expanded reproduction without adequate support in a highly competitive environment does not guarantee protection from external threats.

Implementing mechanisms that ensure stability and development of the mineral-resource complex requires comprehensive analysis, not only of its internal components such as technological innovations, the use of natural resources, and macroeconomic management but also of their interplay to achieve balance and coordination. These complex relationships necessitate an effective institutional foundation.

A key aspect of management is the transition from ideologically driven approaches to strategies based on objective and purposeful analysis. This approach takes into account the complex nature of the economic system, which, despite implemented processes and orderly models, may encounter unforeseen external shocks or internal stresses. Economic subsystems perform critically important functions, and an imbalance in one can trigger a chain reaction throughout the system, leading to potential instability in the mineral-resource complex.

Regular monitoring of indicators approaching their critical values is essential to determine the current state and prevent possible collapse or serious change in the structure of economic processes. Such analytical work should rely on scientific research methods, including mathematical and predictive modeling, so that management is not only reactive but also preventative. Research and expert assessments serve as the basis for identifying critical indicators that aid in assessing the sustainability of socio-economic development. The application of scientifically based planning methods allows for the minimization of risks and the development of strategies to prevent social and economic crises.

The progress of the Russian mineral-resource complex depends on the recognition and integration of laws regulating strategic economic trends and the formation of adequate plans against the backdrop of effective tools for implementing strategic initiatives. A paramount task is the transformation of the management system, the eradication of high levels of corruption and the shadow economy, as well as the minimization of production losses. Studies show that overall losses in the mineral-resource complex reach significant sizes, often exceeding established limits.

This fact confirms the relevance of creating a set of critically important indicators that play a key role in assessing the mineral-resource complex. Further refinement of this approach involves their testing through comprehensive modeling and experimentation using statistical, empirical, and probabilistic research methods, as well as analyzing potential risks and threats. Implementing such initiatives will require deep modernization of the management system in line with the multi-level and complex tasks of developing the raw material sector.

In the context of adapting the management structure for effective leadership of economic transformations in the mineral-resource complex, in light of the proposals voiced by the president, the actualization of principles of control and accountability becomes crucial. The ingraining of unequivocal responsibility of management structures and officials for the implementation of set plans for socio-economic progress must permeate the entire structure of state management, starting from the highest echelons of power. This implies the adoption of a law that will regulate the responsibility of authorities and eliminate current gaps in the legal base.

The proposed bill was aimed at regulating the collaborative process between the government, the business sector, and social institutions to form mutually beneficial agreements. According to this bill, evasion of obligations or their improper fulfillment would result in legal liability.

Despite its significance, this initiative did not find support at the higher levels of power, leaving the issue of the undefined responsibility of government structures open. 

Without a clearly defined duty in the country's constitution for the authorities to act within the legal framework, the foundation for adherence to moral principles is threatened. In conditions of unlimited power, a lack of responsibility equates to permissiveness. This is why moral aspects of state governance must be embedded in laws and regulations that determine the course of public life.

A guarantee of sustainable socio-economic development is the presence of a clear and transparent accountability and responsibility system for authorities, based on legislation. In this system, each individual body should be assessed based on individually achieved target indicators. To analyze management effectiveness, it is necessary to develop a system that allows for the evaluation of the performance of authorities based on pre-defined success indicators.

A crucial task is to create a system where personal responsibility of officials for their actions becomes inevitable and irreversible, while minimizing the influence of subjective factors. Upon detection of discrepancies or unlawful actions leading to public harm, immediate definitive measures must be taken.

In combating corruption and preventing mutual protection within power structures, every citizen should be granted the right to initiate the dismissal of any official through a simplified judicial procedure. Additionally, it is essential to implement a system of incentives for citizens who contribute to the exposure of corrupt crimes, which will enhance public participation and oversight in this area.

A fundamental element in improving the staff selection mechanism is stimulation through feedback, based on achieved results and their comprehensive analysis. Professional career development should be based on evaluations covering various aspects of activity and excluding subjectivity. The use of advanced digital solutions for analyzing employee performance, including automated rankings, expert opinions, and public sentiment, can significantly enhance this process. These evaluative processes must be protected from potential influence by interested parties and ensure transparency in decision-making.

In the context of management at the senior level, it seems reasonable to propose that key executives should not have the ability to appoint their subordinates independently. For deputy ministers, appointment through specially formed staffing commissions under the auspices of the Presidential Administration, including unquestioned experts, seems preferable. The approval of ministerial candidates is proposed to be conducted on the recommendation of the head of state and in agreement with the legislative body. A similar selection procedure is suggested for forming the management bodies of state corporations and key positions in budgetary organizations, with subsequent approval through the relevant ministries and parliamentary committees. It is proposed that such a staffing policy be extended to both the regional and municipal levels of management.

Implementing a system of accountability for participants in public-private partnerships requires supplementing the existing management system with specialized IT platforms. These platforms are capable of assessing the honesty and reliability of partners based on criteria such as the fulfillment of contractual obligations, duties towards employees, tax payments, and so on. Only those enterprises that possess a high reliability rating should be allowed to collaborate with the state.

One of the most promising directions for public-private partnerships is investment agreements that entail joint responsibility of the parties for the implementation of investment projects. Such enterprises, which demonstrate their accountability for activity results and provide full reporting to founders, should receive advantages in participating in state procurement, as well as in obtaining credit and tax benefits.

In conclusion, it is important to emphasize the need for creating an intergovernmental planning center. This center will facilitate the harmonization of standards and procedures, which in turn will increase transparency and predictability for investors and market participants.

A key element ensuring the success of planning in the mineral and raw materials complex is the development of public-private partnerships. Effective public-private partnerships require a clear regulatory base that will balance the interests of the state and private business, while ensuring stability and transparency of the investment environment. The integration of such partnerships in the context of an intergovernmental planning center will not only expand the financial and innovative capabilities of projects but also increase their social significance and environmental sustainability.

The synergistic potential of Greater Eurasia necessitates a new level of intergovernmental interaction, where the key factor becomes not just constructive dialogue but specific tools for the assessment and control of projects. The use of IT platforms will allow for the evaluation of projects at all stages of their implementation, taking into account cost, effectiveness, and risks, which will ensure more efficient resource management and, consequently, an increase in competitiveness in the global market.

The motivation for transformation stems from a deep understanding of common interests and the need to overcome contradictions. There is a need to move from narrowly focused diplomatic discourse to a more open and flexible communication, where the main role is assigned not only to government officials but also to a wide range of interested parties: from global experts to entrepreneurs and the public. Such an approach will allow for the formation of a more holistic vision for the development of the mineral and raw materials complex, including aspects of environmental sustainability and social responsibility.

The creation of an intergovernmental planning center presupposes not only the coordination of actions and the exchange of best practices but also the development of common project evaluation criteria and accountability mechanisms. This will require the development of new legal and economic frameworks capable of adapting to changing market conditions and ensuring sustainable development of the region.