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Russia, Belarus, Kazakhstan create Common Economic Space

November 18, 2011, 14:38 UTC+3
The Declaration dwells on the transition from the Customs Union to a next stage of integration construction – the Common Economic Space
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MOSCOW, November 18 (Itar-Tass) —— The presidents of Russia, Belarus and Kazakhstan signed a package of documents creating the Common Economic Space in the Kremlin on Friday.

Dmitry Medvedev, Alexander Lukashenko and Nursultan Nazarbayev signed the Declaration of Eurasian Economic Integration, the Treaty of the Eurasian Economic Committee and the Regulations of the Eurasian Economic Committee.

Russia, Belarus and Kazakhstan have serious intentions to build up integration on the Eurasian space, Russian President Dmitry Medvedev said, opening a meeting in the Kremlin with his counterparts Alexander Lukashenko and Nursultan Nazarbayev.

The leaders of the three countries will conclude agreements to create the Common Economic Space. They are planning to sign a Eurasian Economic Integration Declaration and a Treaty of Eurasian Economic Committee, which will begin working starting from January 1, 2012.

Medvedev thanked Lukashenko and Nazarbayev for “a constructive approach” to the settlement of these issues. “Delaying your difficult and urgent business you arrived in Moscow. This confirms that you have very serious intentions to build up integration on the Eurasian space,” Medvedev noted, proposing them to discuss “what and how should be done.”

The Declaration dwells on the transition from the Customs Union to a next stage of integration construction – the Common Economic Space, which is based on the WTO rules and principles and open for accession of other countries, a source in the Kremlin administration told Itar-Tass earlier. The document outlines further ways of integration cooperation in the trio format that is some kind of roadmap and proclaims the creation of the Eurasian Economic Union as the final goal.

The Treaty of the Eurasian Economic Committee envisages that it will be vested with the powers to supervise the integration processes in “the Customs Union and the Common Economic Space.” “So, this committee for the first time in “the post-Soviet history” is intended to become a supranational and neutral body towards the member-countries. National powers will be handed over to it gradually,” the source pointed out.

He noted that the Supreme Eurasian Economic Council is a higher body for the Eurasian Economic Committee. The Council meets at the level of heads of states and governments. The Eurasian Economic Committee is guided by its decisions and can be vested with the right to sign international agreements and open its offices in third countries and in international organizations.

Meanwhile, the council of the committee is made up of deputy prime ministers that will regulate integration processes, and the collegium of the committee is the main working body, where all countries delegate their representatives in the status of international officials.

After the signing of the treaty Russia, Belarus and Kazakhstan will approve the Regulations of the Eurasian Economic Committee already as members of the Supreme Eurasian Economic Council.

 

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