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Putin: Eurasian Economic Union to work on universal, clear rules

May 29, 2014, 11:21 UTC+3 ASTANA

“This is a result of our joint work, close co-operation between the governments of Russia, Belarus and Kazakhstan,” the Russian president said

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© ITAR-TASS/Mikhail Klimentyev

ASTANA, May 29. /ITAR-TASS/. The Eurasian Economic Union will work on universal and clear rules, including rules and principles adopted by the World Trade Organisation (WTO).

“The Eurasian Economic Union will work on universal transparent principles clear for all, including on WTO principles,” Russian President Vladimir Putin said at a meeting of the Supreme Eurasian Council at the level of state leaders in Kazakhstan’s capital, Astana, on Thursday.

The Russian leader noted that “a treaty was fully prepared for signing”.

“This is a result of our joint work, close co-operation between the governments of Russia, Belarus and Kazakhstan,” Putin said.

He 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 president recalled that 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 named it symbolical that the Eurasian Economic Union Treaty would be signed in the Kazakh capital, as Kazakh President Nursultan Nazarbayev had originated the idea of the Eurasian union in his speech at Moscow State University in 1994.

“Today we are creating together a powerful and attractive centre of economic development, a major regional market which brings together more than 170 million people,” the Russian leader said, adding that this union accounted for one fifth of world gas reserves and about 15% of oil reserves in the world. Meanwhile, the troika have a well-developed industrial base and a strong personnel, intellectual and cultural potential.

“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.

The Eurasian Economic Union Treaty should start functioning in the Customs Union states of Russia, Belarus and Kazakhstan starting from January 1, 2015.

Drafting of the treaty has begun at the first summit on the Supreme Eurasian Economic Council back in November 2011. Then the presidents of the three countries have adopted a declaration on Eurasian economic integration which became some kind of roadmap for development of integration co-operation.

More than 30 bodies of federal executive authorities have drafted the treaty from Russia.

The treaty is based on a contractual and legal basis of the Customs Union and the Common Economic Space effective provisions of which were improved and brought in compliance with the World Trade Organisation (WTO) rules.

The treaty comprises 28 sections and 118 articles as well as 32 addenda that make a total of 700 pages.

The three countries assume commitments to guarantee free movement of goods, services, capitals and manpower and pursue a well-orchestrated policy in such key economic industries as energy, production industries, agriculture and transport sector.

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