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Medvedev convinced Eurasian Economic Union to benefit Russian economy

December 25, 2014, 17:39 UTC+3 MOSCOW
Some powers have been given to the Eurasian Commission and will be exercised at the supranational level, the Russian PM said at a government session attended by Russian President Vladimir Putin
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Russian Prime Minister Dmitry Medvedev

Russian Prime Minister Dmitry Medvedev

© Alexandr Astafiev/Russian government's press service/TASS

MOSCOW, December 25. /TASS/. Russian Prime Minister Dmitry Medvedev said on Thursday the launch of the Eurasian Economic Union will benefit the Russian economy.

“Some powers have been given to the Eurasian Commission and will be exercised at the supranational level,” Medvedev said at a government session attended by Russian President Vladimir Putin.

“It is necessary to improve the work with the Union’s partners and international partners within the SCO (Shanghai Cooperation Organization), BRICS (Brazil, Russia, India, China and South Africa) and others,” he said.

Eurasian Economic Union

The Eurasian Economic Union includes Russia, Belarus and Kazakhstan. Armenia will join them on January 2. Kyrgyzstan is planning to enter the Union in May.

The Treaty on the establishment of the Eurasian Economic Union was signed by the presidents of Russia, Belarus and Kazakhstan on May 29, 2014 in Astana.

The agreement is the basic document defining the accords between Russia, Belarus and Kazakhstan for creating the Eurasian Economic Union for the free movement of goods, services, capital and workforce and conducting coordinated, agreed or common policies in key sectors of the economy, such as energy, industry, agriculture and transport.

The agreement stipulates the transition of Russia, Belarus and Kazakhstan to the next stage of integration after the Customs Union and the common economic space.

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