DUSHANBE, October 8, 2014, Asia-Plus – Heads of member nations of the Eurasian Economic Community (EAEC) have decided to dissolve the Eurasian Economic Community (EAEC).
Russian media sources quoted EAEC Secretary-General Tair Mansurov as saying that the agreement on the dissolution of the EAEC will be signed at a meeting of the EAEC Intergovernmental Council in Minsk on October 10.
Speaking about the upcoming meeting in Minsk, Mansurov reportedly noted that it will focus on a wide range of issues concerning the organization. But the focus is expected to be on how to preserve the achievements of the EAEC.
According to a statement released by the Kremlin press service on October 7, the agreement will be signed by the presidents of Russia, Belarus, Kazakhstan, Kyrgyzstan and Tajikistan and will come into force on January 1, 2015. The heads of states will also summarize the results of the EAEC’s work.
On January 1, 2015, the EAEC will be replaced by the Eurasian Economic Union (EEU).
The presidents of Russia, Belarus and Kazakhstan signed the Treaty on the Eurasian Economic Union in Astana, Kazakhstan on May 29, 2014. The signing of the EEU agreement reportedly brings together 170 million people onto a common market, making it a new powerful center for economic development.
The agreement seeks to launch the development of domestic trade, economic and cooperative ties, increase competitiveness of national production and strengthen the role of the union’s countries in the global economic system.
Russian President Vladimir Putin signed the law ratifying the treaty on the creation of the EEU between Russia, Belarus, and Kazakhstan on October 3.
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.
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.
The Eurasian Economic Community (EAEC) originated from the Commonwealth of Independent States (CIS) Customs Union of Belarus, Kazakhstan and Russia on March 29, 1996. The Treaty on the establishment of the Eurasian Economic Community was signed by the presidents of Belarus, Kazakhstan, Kyrgyzstan, Russia and Tajikistan in Kazakhstan”s capital Astana on October 10, 2000. On October 7, 2005 it was decided between the member states that Uzbekistan would join. Uzbekistan joined the EAEC in January 2006. Tashkent suspended its membership in the EAEC in October 2008. Freedom of movement without visa requirements has been implemented among the members. A Common Economic Space for the community was launched on 1 January 2010.
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