DUSHANBE, October 4, 2014, Asia-Plus — Russian President Vladimir Putin has signed the law ratifying the treaty on the creation of the Eurasian Economic Union (EEU) between Russia, Belarus, and Kazakhstan.
Putin made the announcement on October 3 during a government meeting.
Under the treaty, the EEU will begin functioning as of January 1, 2015. It reportedly intensifies the economic cooperation among the three countries that was begun with the Customs Union.
The presidents of the three countries are scheduled to meet in Minsk on October 10 to exchange ratification documents.
Armenia is also set to join the agreement in the near future.
“All four of us are beginning to build a single economic space,” Russian Deputy Economic Development Minister Aleksey Likhachyov was quoted by ITAR-TASS as saying.
We will recall that the presidents of Russia, Belarus and Kazakhstan signed the Treaty on the Eurasian Economic Union in Astana, Kazakhstan on May 29, 2014.
The Treaty is the basic document setting out the agreements
between Russia, Belarus and Kazakhstan on establishing the Eurasian Economic Union in order to remove barriers to free movement of goods, services, capital and labor, and carry out coordinated, agreed or common policy in key economic sectors. The Treaty sets out the transition to the next integration stage following the Customs Union and the Common Economic Space.
