Eurasian Economic Union Treaty to be signed this week

PanARMENIAN.Net - The leaders of Russia, Belarus and Kazakhstan are set to meet on Thursday, May 29 to sign the Eurasian Economic Union Treaty that will finalize the process of establishing a eurozone-like space of ex-Soviet states, the Kremlin said, according to RIA Novosti.

“The creation of this Union will raise its member states to a higher level of integration. The three nations will be committed to guarantee an unfettered flow of goods, services, capitals and workforce, coordinate their key policies, including energy, industry, agriculture and transport. It will finalize the establishment of CIS’s biggest common market (170 million people) that is to become a new economic powerhouse,” the Kremlin said in a statement.

The treaty, to be signed in Kazakhstan’s capital Astana, will come into force on January 1, 2015. The three countries’ leaders are also expected to flesh out various aspects of the existing Customs Union and the Single Economic Space.

Bids from other potential member states will also be considered, including Armenia.

The summit will also consider a roadmap for Kyrgyzstan to join the Moscow-led Customs Union and the Eurasian economic zone.