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Kazakhstan’s president ratifies Eurasian Economic Union treaty

October 14, 2014, 15:51 UTC+3 ASTANA
The treaty has now been ratified by presidents of Russia, Belarus and Kazakhstan
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Kazakhstan’s President Nursultan Nazarbayev

Kazakhstan’s President Nursultan Nazarbayev

© ITAR-TASS/Mikhail Metzel

ASTANA, October 14. /TASS/. Kazakhstan’s President Nursultan Nazarbayev signed a law on Tuesday on ratifying the treaty on the Eurasian Economic Union, a Russia-led three-member bloc seen as an alternative to the EU.

“The head of state has signed the law of the Republic of Kazakhstan “On ratification of the Eurasian Economic Union Treaty,” the presidential press service said in a statement.

The text of the law is to be published in local newspapers, the statement reads.

Russia ratified the treaty on October 3. Nearly a week later, on October 9, the law on ratifying the treaty was adopted by the Belarusian parliament. On the same day, the document was signed by the country’s President Alexander Lukashenko.

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 labor 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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