A meeting of the Supreme Eurasian Economic Council is taking place in St Petersburg today.
Russian media reports say the meeting participants will discuss the performance of the Eurasian Economic Union (EAEU) and coordinate measures to promote cooperation and improve the EAEU’s common market.
They will also review the results of work carried out by the Eurasian Economic Commission (EEC) over the past four years and discuss candidates for the positions of EEC chair and members of the EEC Board who will take office on February 1, 2020.
The Eurasian Economic Union (EAEU) is an economic union of states located primarily in northern Eurasia. A treaty aiming for the establishment of the EAEU was signed on May 29, 2014 by the leaders of Belarus, Kazakhstan and Russia, and came into force on January 1, 2015. Treaties aiming for Armenia's and Kyrgyzstan's accession to the Eurasian Economic Union were signed on October 9 and December 23, 2014, respectively. Armenia's accession treaty came into force on January 2, 2015. Kyrgyzstan's accession treaty came into effect on August 6, 2015.
The Eurasian Economic Union has an integrated single market of 183 million people and a gross domestic product of over 4 trillion U.S. dollars. The EEU introduces the free movement of goods, capital, services and people and provides for common transport, agriculture and energy policies, with provisions for a single currency and greater integration in the future.
The union operates through supranational and intergovernmental institutions. The Supreme Eurasian Economic Council is the “Supreme Body” of the Union, consisting of the Heads of the Member States. The other supranational institutions are the Eurasian Commission (the executive body), the Eurasian Intergovernmental Council (consisting of the Prime Ministers of member states) and the Court of the EEU (the judicial body).
