Putin signs into law Eurasian economic union agreement

YEREVAN, October 3. / ARKA /. Today Russian President Vladimir Putin has signed into law the Eurasian Economic Union agreement ratified earlier by Russia’s State Duma (lower parliament chamber) and Federation Council (upper chamber).

The Eurasian Economic Union agreement is a pact signed by Russia, Belarus and Kazakhstan to move into the next stage of integration after the Customs Union and the Common Economic Space. It was signed by all three presidents in late May in Astana, Kazakh capital. 

The three countries with a total population of 170 million people will join in a common market. The agreement comes into force on January 1 in 2015.

The agreement is based on the provisions of the contractual legal framework of the Customs Union and Common Economic Space that were revised  to comply with the rules of the World Trade Organization.

The agreement  stipulates  coordinated macro-economic and foreign exchange policies, financial market regulation, interaction in the energy and transport sectors, development of a common gas, oil, petroleum product, medicines and medical equipment market.

Other provisions  cover such areas as intellectual property and state purchases, industry, agriculture and labor migration. 

The document defines the Russian language as the union’s working language. The Eurasian Commission will be headquartered in Moscow, the Eurasian Economic Union Court in Minsk, Belarus and the financial regulator in Almaty, Kazakhstan.

The document says that the union is open for accession by any state sharing the union’s goals and principles on the terms agreed by the member countries. The document stipulates a 10-year period for the union’s member states to fully harmonize their national legislatures.

The republics of Armenia, Kyrgyzstan and Tajikistan have also expressed interest in joining the organization.

On Thursday, Vladimir Putin said that the process of Armenia's accession to the Eurasian Economic Union is about to be completed, and the dialogue with Kyrgyzstan continues. Russian leader also expressed certitude that the Union will be joined by more countries in the future. -0-