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

May 29, 2014, 12:56 UTC+3 ASTANA
The economic union will start operation since 2015
Material has 1 page
© ITAR-TASS/Mikhail Metsel

ASTANA, May 29. /ITAR-TASS/. 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.

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. Vladimir Putin President of the Russian Federation

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.

The treaty on the Eurasian Economic Union is balanced and technically correct. I am sure that the creation of the Eurasian Economic Union will give a powerful impetus to the development and comprehensive modernization of our economies, leading our countries to dominant positions in the world. Nursultan Nazarbayev President of Kazakhstan

New level of cooperation

Russia, Belarus and Kazakhstan are passing to an essentially new level of co-operation as a result of creation of the Eurasian Economic Union (EEU), Russian President Vladimir Putin told a news conference after the EEU Treaty was signed in the Kazakh capital on Thursday.

“The just-signed treaty is of epoch-making, historic importance,” the Russian leader noted.

“The troika states will pursue a well-orchestrated policy in such key economic industries as energy, production industries, agriculture and transport sector,” Putin noted.

“In fact, we are shaping the largest common market in the CIS space with a huge production, scientific and technological potential and enormous natural resources,” the president added.


Fair competition opportunities

Russian President Vladimir Putin has said that the Customs Union countries are determined to promote fair competition on the CU market and effectively protect consumers and businesses.

“Russia, Belarus and Kazakhstan are going to promote fair competition on the Customs Union market. Simultaneously we shall ensure the maximum protection for consumers and businesses of the participating countries,” Putin said after a meeting of the Supreme Eurasian Council at the level of the heads of state in Astana.


Additional protection of national currencies

The establishment of the Eurasian Economic Union (EAEC) in perspective will enhance stability of the financial systems of EAEC members states, President Putin declared after a treaty on the formation of the Eurasian Economic Unions was signed.

"In perspective, we have set forth a task of creating a common financial market. Removing barriers for capital flow will make it possible to diversify the risks, improve quality and ensure accessibility and reliability of financial services.

"Stage-by-stage harmonization of currency policies will enhance stability of financial systems of the EAEC member states, will make the national currency markets more predictable, better protected from the fluctuations of currency exchange rates and strengthen our sovereignty," Putin declared.


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. “We hope that Armenia will be able to become a full-fledged and full-right EEU member after the Union is launched,” the Russian leader said.

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.

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