Armenia Joins Eurasian Economic Union

Armenia became a member of the Eurasian Economic Union (EEU) on January 2, 2015, after Russian President Vladimir Putin signed on December 23, 2014 a law ratifying the agreement on Armenia’s accession.

The agreement envisages that Armenia joins the EEU Treaty and other international agreements signed within the frames of the Customs Union of Belarus, Kazakhstan and Russia. Armenia will have to amend its tariff commitments as member of the World Trade Organization, while the EEU’s Common Customs Tariff (CCT) will also have to be revised.

According to the EEU Treaty, Armenia will have one to eight years to harmonize its import duties in accordance with the CCT rates, one to five years to implement the Customs Union’s technical regulations, and three years to adjust the IP-related issues.

The EEU Treaty was signed by Russia, Kazakhstan and Belarus on May 29, 2014, followed by Armenia and Kyrgyzstan, which signed it in October and December 2014 respectively. The EEU Treaty came into force on January 1, 2015. Kyrgyzstan’s accession treaty will not come into force until May 2015.

For more details on the EEU Treaty, please see our previous article.

Prepared by: Aleksandra Pavlovic, Masa Lopicic

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Source: Azerbaijani news portal Trend