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Too early for common currency within Eurasian Economic Union — Belarusian official

October 09, 2014, 19:38 UTC+3 MINSK
Both houses of the Belarusian parliament voted to ratify the Eurasian Economic Union Treaty
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©  EPA/TATYANA ZENKOVICH

MINSK, October 9. /TASS/. It is too early to speak about a common currency unit within the Eurasian Economic Union or about any political aspects of this union, speaker of the Council of the Republic /upper house of the Belarusian parliament/ Anatoly Rubinov said on Thursday.

“I have no doubts that in the course of the development of this union there will be the need in a common currency. But so far, it is too early to speak about it. It is likewise premature to speak about a political alliance, about introducing political elements into the union,” he said after both houses of the Belarusian parliament had ratified the Eurasian Economic Union Treaty.

He said the ratification of the treaty was a “very important and landmark” step. “After this treaty comes into force, our integration relations will become much closer,” he said, adding that the treaty opened up new possibilities for free movement of goods, services, labour force and capital. “It is vitally important for our export-oriented economy,” Rubinov stressed.

Earlier on Thursday, both houses of the Belarusian parliament voted to ratify the Eurasian Economic Union Treaty. Further on, the document is to be signed by Belarusian President Alexander Lukashenko to finalize the ratification procedure.

The Eurasian Economic Union Treaty was signed by the presidents of Russia, Kazakhstan and Belarus on May 29, 2014. The treaty provides for free movement of commodity, services, capital and labour force within the union. It also envisages that the three countries coordinate or pursue common policy in certain economic sectors. The Eurasian Economic Union is seen as a tool to strengthen economies of its member states and to bring them closer together, moreover, such closer integration will add to their competitive edge on the global market.

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