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EurAsEC summit in Moscow to speak about future of integration processes

March 18, 2012, 23:13 UTC+3

The EurAsEC established more than a decade ago has proven to be an efficient mechanism of multilateral economic integration

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MOSCOW, March 18 (Itar-Tass) —— The Eurasian Economic Community (EurAsEC) summit due in Moscow on Monday under the chairmanship of President Dmitry Medvedev will speak about the future of integration processes on the CIS space. The Kremlin views the summit as an event “of paramount importance for further Eurasian economic integration.”

“EurAsEC chiefs of state will make a decision about fundamental principles of the draft treaty, which transforms the Eurasian Economic Community into a new integration union,” the Kremlin said, recalling that an agreement to the effect was reached at the previous summit on December 19, 2011.

“In addition, the leaders will discuss the beginning activity of the Eurasian Economic Commission led by Viktor Khristenko – a supranational body established on February 1,” the Kremlin said. “The Eurasian Economic Commission becomes a significant administrative and coordinating body of the Customs Union and the Common Economic Space.”

“Other important integration areas include the unification of passport and visa control at Customs Union states, which aims at free traveling of citizens in the territories of the three countries,” the Kremlin said.

The presidents of EurAsEC member states – Russia, Belarus, Kazakhstan, Kyrgyzstan and Tajikistan – and the leaders of observer states – Armenia, Moldova and Ukraine – will attend the meeting of the EurAsEC Interstate Council on Monday afternoon.

The EurAsEC established more than a decade ago has proven to be an efficient mechanism of multilateral economic integration. This format is a foreign political priority of Russia, the Kremlin said.

The startup of the Common Economic Space of Russia, Belarus and Kazakhstan within the EurAsEC on January 1, 2012, became a new stage of integration. The Common Economic Space countries hold a coordinated tax, monetary, credit, currency, financial, trade and customs policy, which ensures free movement of commodities, services, capital and labor force. Kyrgyzstan and Tajikistan may join the Common Economic Space when their economies are ready.


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