Eurasian Economic Union Advances, Commences on Jan. 1, 2015
October 3, 2014 • 5:30PM

According to Itar-Tass, Russian President Vladimir Putin announced today that the Eurasian Economic Union treaty, which was created on May 29 by the leaders of Russia, Kazakhstan and Belarus, has been officially ratified by Russia. Putin stated:

“I have signed a federal law on ratification of the Eurasian Economic Union treaty. This is a major milestone in our joint work on integration with our closest partners and allies.”

The move follows lower house ratification on September 26 and the upper house ratification on October 1. The Eurasian Economic Union, which is based on the Customs Union of Russia, Belarus and Kazakhstan, will become operational from January 1, 2015. According to Itar-Tass, "The agreement is the basic document defining the accords between Russia, Belarus and Kazakhstan for creating the EEU for free movement of goods, services, capital and workforce and conducting coordinated, agreed or common policies in key sectors of the economy, such as energy, industry, agriculture and transport.

"It stipulates transition of Russia, Belarus and Kazakhstan to the next stage of integration after the Customs Union and the common economic space.

"The Treaty on the Eurasian Economic Union stipulates customs and technical regulation, foreign trade policies and measures to protect the internal market. The agreement envisages transition to common customs tariffs.

"The agreement also stipulates principles of coordinated macro-economic and foreign exchange policies, financial market regulation, interaction in the energy and transport sectors, development of a common gas, oil, petroleum product, medicines and medical equipment market.

"The document defines the Russian language as the union’s working language. The treaty also stipulates that the Eurasian Commission will be headquartered in Moscow, the Eurasian Economic Union Court in Minsk and the financial regulator in Almaty.

"The document says that the union is open for accession by any state sharing the union’s goals and principles on the terms agreed by the member countries. The document stipulates a 10-year period for the union’s member states to fully harmonize their national legislatures."

Belarus is set to ratify the treaty on October 7. Kazakhstan's lower chamber also ratified the EEU treaty on October 1. Today,October 3, Armenian Prime Minister Hovik Abrahamyan announced that Armenia will sign a deal to join the Eurasian Economic Union (EEU) on Oct. 10 in Minsk, capital of Belarus. Kyrgyz President Almazbek Atambaev has said that Kyrgyzstan will join the Customs Union by the end of 2014.