Russia’s Federation Council ratifies treaty on Armenia’s accession to Eurasian economic union

YEREVAN, December 17. / ARKA /. The Federation Council, the upper house of the Russia’s parliament, has ratified today the treaty on Armenia’s accession to the Eurasian Economic Union (EEU).

The accord was signed at a meeting of the Supreme Eurasian Economic Union by the presidents of Russia, Belarus, Kazakhstan and Armenia in Minsk on October 10. The deal is a basic document determining agreements between Russia, Belarus and Kazakhstan on the terms of Armenia’s joining the Eurasian Economic Union seeking to lay the legal basis for functioning of the single union, Russian news agencies said.

The accord says that Armenia  becomes a full-fledged member of the Eurasian Economic Union from the moment the treaty takes effect after all ratification procedures are complete in the union member countries, but no earlier than on January 1, 2015.

In particular, during the transitional period Armenia as a member of the World Trade Organisation (WTO) should revise its tariff liabilities under the WTO rules.

Russia, Belarus and Kazakhstan have signed the treaty founding the Eurasian Economic Union in Kazakhstan’s capital Astana on May 29, 2014 which will take effect on January 1, 2015. On October 10, Armenia inked the deal and Kyrgyzstan plans to become its next signatory nation. 

Parliaments of Belarus and Kazakhstan should ratify the treaty on Armenia’s entry in the Eurasian Economic Union by January 1, 2015.-0-