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.

 

3960 views


More Russian news

One killed, 11 wounded in Dagestan after teenager brings grenade to school

One killed, 11 wounded in Dagestan after teenager brings grenade to school

A grenade that killed one teenager and wounded 11 more at a school in Russia’s North Caucasian republic of Dagestan in the settlement of Agvali was brought to school by a schoolboy, a spokesman for the Dagestani Interior Ministry …

Putin: laws must be based on reality

Putin: laws must be based on reality

Russian President Vladimir Putin met with members of the Council of Legislators in the Tauride Palace in St. Petersburg. Putin has endorsed the initiative to continue the fight against corruption, but emphasized …

Why does EU impose sanctions only against Russia?

Why does EU impose sanctions only against Russia?

Ukraine has been constantly avoiding direct dialogue with the self-proclaimed Donetsk and Lugansk People’s Republics, but the European Union impose sanctions over the implementation of the Minsk agreements only against Russia, the …

Kremlin: Russia respects choice of French people

Kremlin: Russia respects choice of French people

Russia is ready to work on building up good relations with France and respects the choice of the French people made during the presidential election, Kremlin Spokesman Dmitry Peskov said. "We support building up …

Isik: Putin and Erdogan may discuss contract on S-400 missile systems

Isik: Putin and Erdogan may discuss contract on S-400 missile systems

Russian President Vladimir Putin and Turkish President Recep Tayyip Erdogan are expected to discuss a contract on buying S-400 missile systems in Sochi on May 3, Turkey’s Defense Minister Fikri …

Moscow holding talks between Lavrov and Mogherini

Moscow holding talks between Lavrov and Mogherini

Russian Foreign Minister Sergey Lavrov is holding talks with the EU High Representative for Foreign Affairs and Security Policy Federica Mogherini in Moscow. The agenda of their talks will include a …

Russia boosts military spending

Russia boosts military spending

Russia became the world's third largest military spender in 2016, the Stockholm International Peace Research Institute (SIPRI) said in a report. Russia's military spending was $69.2 billion in 2016, a 5.9% rise over 2015, the …

Economic optimism prevails in Russia

Economic optimism prevails in Russia

The share of Russians expecting economic stabilization in the near future increased to 32.4% in March, according to the results of the RANEPA survey, the Izvestia newspaper reported. In March 2015, it was expected by 24% of respondents, …

Russian S-500 to engage targets at earth#039s outer layer

Russian S-500 to engage targets at earth's outer layer

Russia's next-generation S-500 air defense system would be able to engage targets at the upper layer of the atmosphere, the chief engineer of defense corporation Almaz-Antey Pavel Sozinov said. He said that …

Tillerson briefs Poroshenko on sanctions imposed on Russia

Tillerson briefs Poroshenko on sanctions imposed on Russia

US Secretary of State Rex Tillerson said in a phone conversation with Ukrainian President Petro Poroshenko that the sanctions imposed on Russia would remain in place, US Department of State acting spokesman …

more Russian news