MINSK, October 10. /TASS/. The Eurasian integration process is reaching a new level although a great deal is still to be done, Russian President Vladimir Putin said at the ceremony of signing the treaty to terminate the operation of the Eurasian Economic Community (EurAsEC).

“I would like to point out that the integration process is reaching a new level, although we are still to do a great deal to ensure the newly-created Eurasian Economic Union should achieve capacity operation and the people of our countries feel real feedback from the efforts we exert,” Putin said.

Putin said that the integration project of creating the Eurasian Economic Union is already yielding practical results. In particular. he noted that commodity turnover between Russia, Belarus and Kazakhstan integrated into the Customs Union has risen by 50% to over $64 billion since July 1, 2011.

According to Putin, key economic and legal issues in the competence of the Eurasian Economic Community will be referred to the Eurasian Economic Union.

Post-Soviet economic integration

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.

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 Treaty on the Eurasian Economic Union is set to come into effect from January 1, 2015.