Eurasian Economic Union is a reality

Eurasian Economic Union is a reality

The Eurasian Economic Union begins operating.


Russia, Belarus and Kazakhstan are stepping up to a new level of integration. Free movement of commodities, services, capital and the labour force has beer launched inside the EaEU countries. The sides should provide coordinated policy in key economic spheres. In 2016 they should establish a united market of medicines.

The head office of the Eurasian Commission will be situated in Moscow, the financial regulator will be in Almaty, while the EaEU Court will be in Minsk.

Armenia and Kyrgyzstan will join the EaEU as well. According to President of Russia Vladimir Putin, the mutual benefit to the states from participation in the integration processes is obvious: “The success of the Customs Union, which was established in 2011, confirmed this fact. Economic contacts inside the troika strengthened qualitatively and quantitatively.”

Yesterday the President of Belarus Alexander Lukashenko criticized the Kremlin and Russia’s countersanctions against Western countries. He called the Russian policy on blocking deliveries of meat from Belarus “stupid and brainless” and explained the block was due to political reasons. Deputy Premier of Belarus Mikhail Rusy confirmed that an agreement of mutual payments in dollars has been achieved between the countries. Moreover, Lukashenko stated that there was an absence of development of relations between the two countries.

“Of course instability of world markets, the policy of sanctions, weakening trust between leading world powers, and threats of escalation of the military political situation will influence the process of the EaEU development. We have foreseen the challenges,” the President of Kazakhstan Nursultan Nazarbayev stated.

Integration isn’t stimulating Kazakhstan’s economy at the moment. The trade turnover between Kazakhstan and its partners (Russia, Belarus) in January-October 2014 was $16.3 billion,ĺ 19.3 percent lower than last year.

Armenia will join the EaEU on January 2nd. Armenia has no common borders with the Customs Union, and the treaty gives details about the order of commodity traffic between foreign states and members of the union. The transaction period for adaptation of laws, unification of customs rules and technical regulations will last for 8 years, so Armenia won’t become a full member of the Union soon.

The President of Kyrgustan Almazbek Atambayev promised that the country would join the union by May 9nd, 2015. According to Russian President Vladimir Putin, extension of the Union won’t stop at Kyrgyzstan.

“Countries from other regions are also showin an interest in cooperation with the Eurasian Union. We are preparing free trade agreements with Vietnam, Turkey, India and Israel,” Putin said.

 

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