MINSK, October 9. /TASS/. Deputies in the Belarus House of Representatives ratified a treaty on adopting the Eurasian Economic Union on Thursday, now due for immediate debate in the upper house before reaching the president for signature.

Speaking in parliament, International Affairs committee head Nikolai Samoseiko prioritised an end to barriers and restrictions within the union, notably in the energy and automotive industries. Minsk has linked the treaty’s ratification with settlement of a Russian tax move in the oil industry that could have cost Belarus more than $1 billion, according to estimates.

The two states agreed on October 7 that all export customs duties on oil products made from Russian oil and delivered from Belarus to third countries in 2015 would be transferred to the republican budget.

Eurasian Economic Union Treaty

The agreement is the basic document defining the accords between Russia, Belarus and Kazakhstan for creating the EEU for 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.

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

The Treaty on the Eurasian Economic Union stipulates customs and technical regulation, foreign trade policies and measures to protect the internal market. The agreement envisages transition to common customs tariffs.

The agreement also stipulates principles of coordinated macro-economic and foreign exchange policies, financial market regulation, interaction in the energy and transport sectors, development of a common gas, oil, petroleum product, medicines and medical equipment market.

The treaty’s provisions also cover such areas as intellectual property and state purchases, industry, agriculture and labor migration. The document also regulates informational interaction within the union.

The document defines the Russian language as the union’s working language. The treaty also stipulates that the Eurasian Commission will be headquartered in Moscow, the Eurasian Economic Union Court in Minsk and the financial regulator in Almaty.

The document says that the union is open for accession by any state sharing the union’s goals and principles on the terms agreed by the member countries. The document stipulates a 10-year period for the union’s member states to fully harmonize their national legislatures.