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Belarusian president signs law on ratification of Eurasian Economic Union Treaty

Earlier on Thursday, both houses of the Belarusian parliament voted to ratify the Eurasian Economic Union Treaty

Belarusian President Alexander Lukashenko ITAR-TASS / Alexei Nikolsky

Belarusian President Alexander Lukashenko

© ITAR-TASS / Alexei Nikolsky

MINSK, October 9. /TASS/. Belarusian President Alexander Lukashenko has signed a law on the ratification of the Eurasian Economic Union Treaty, head of the presidential administration Andrei Kobyakov told journalists on Thursday.

Earlier on Thursday, both houses of the Belarusian parliament voted to ratify the Eurasian Economic Union Treaty. Now that the document is signed by the Belarusian leader, the ratification procedure is finalized.

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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