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MOSCOW, January 1 (Itar-Tass) —— The United Economic Space /UES/ begins functioning from Sunday in territories of Russia, Belarus and Kazakhstan.
The UES should provide free movement of goods, capitals and labour force and unify regulations for issuing industrial subsidies and support for agriculture. Presidents of Russia, Belarus and Kazakhstan signed agreements on that on December 19, 2011. Earlier, Russia’s Prime Minister Vladimir Putin suggested organising a Eurasian Union, which will be an equal counterpart of the EU, on the basis of the UES and the Customs Union.
The first supranational body of the Supreme Eurasian Economic Council – the Eurasian Economic Commission, starts functioning, too. Russia’s Minister of Industry and Trade Viktor Khristenko will chair the commission.
Presidents of the Customs Union member countries signed on November 18, 2011 an agreement on the Eurasian Economic Commission. The commission will carry out functions on management of integration processes in the format of the Customs Union and the UES. The commission will report to the Supreme Eurasian Economic Council at the level of heads of states and governments. The commission will follow its decisions and may have a right to sign international agreements and establish its representations in third countries, as well as at international organisations.