Belarus, Kazakhstan and Russia Sign Eurasian Economic Union Agreement

The presidents of Belarus, Kazakhstan and Russia signed the agreement establishing the Eurasian Economic Union in Kazakhstan’s capital of Astana on May 29. The agreement will enter into force in the three Customs Union states on January 1, 2015.

The agreement will regulate the three countries’ economic relations. It guarantees free movement of goods, capital, services, and working force, enabling the citizens of the three member states – a market numbering 170 million people – equal employment and education opportunities within the union.

Kazakh Deputy Prime Minister Bakytzhan Sagintayev stressed that the three signatories to the agreement had not yet discussed the possibility of introducing a single currency, the Washington Post notes.

The supreme authority of the Eurasian Economic Union will be the Eurasian Economic Council, which will be composed of the member states’ presidents and prime ministers. The states’ leaders will coordinate most economic policies, including energy, technology, industry, agriculture and transport.

Armenia and Kyrgyzstan have also expressed interest to join the union in the near future.

Prepared by: Aleksandra Pavlovic

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Source: The Washington Post