Russian, Kazakh and Belarusian leaders sign treaty on creation of Eurasian Economic Union

Economy 29 May, 2014 13:34

Presidents of Russia, Kazakhstan and Belarus — Vladimir Putin, Nursultan Nazarbayev and Alexander Lukashenko have signed a treaty on setting up the Eurasian Economic Union (EEU). The treaty will come into effect on January 1, 2015.

The presidents signed the document upon the results of the meeting of the Supreme Eurasian Council at the level of state leaders in Kazakhstan’s capital, Astana, on Thursday.

Vladimir Putin noted that thanks to a common constructive approach, readiness and ability of each party to find compromises the three countries succeeded to settle many difficulties on this path and sign the document timely as it was planned before June 1, 2014.

“The Eurasian Economic Union will work on universal transparent principles clear for all, including on WTO principles,” Putin said. “This is a result of our joint work, close co-operation between the governments of Russia, Belarus and Kazakhstan.”

Benefits of the new union

According to the Russian leader, this document had brought the countries on an essentially new level of integration. “Preserving fully state sovereignty we ensure a closer and well-orchestrated economic co-operation and interaction,” he said.

Putin noted that this union accounted for one fifth of world gas reserves and about 15% of oil reserves in the world. The troika has a well-developed industrial base and a strong personnel, intellectual and cultural potential, the president added.

“The geographical position permits us to create transport, logistic routes of not only regional, but also global importance that permits to attract massive trade flows in Europe and Asia,” Putin stated.

All these factors give a guarantee of competitiveness of the new union, its dynamic development in a rapidly changing and complex world.

Who else may join the EEU

Armenia’s President Serzh Sargsyan has called for signing a treaty on the country’s joining the Eurasian Economic Union by June 15, 2014. A draft document has been prepared, Sargsyan said at a session of the Supreme Eurasian Economic Council on Thursday.

The leaders of Russia, Kazakhstan and Belarus replied with a proposal to consider this issue by July 1, stressing that Armenia should meet all the requirements imposed on the union’s members. In particular, Vladimir Putin believes the treaty on Armenia’s joining the EEU shall be approved and signed in the nearest time.

Kyrgyzstan also has all chances to join the EEU, the Russian president has stated.

“We’d like to ring in the New Year jointly with other members of the Customs Union,” Kyrgyzstan’s President Almazbek Atambayev said at the session of the Supreme Eurasian Economic Union Council on Thursday.

“Of course, a great work on preparing the relevant documents is ahead, and we are ready to help. Nevertheless, there are all chances to join our union in the soonest time,” Putin noted.