Kazakhstan Senate ratifies Eurasian Economic Union treaty

PanARMENIAN.Net - Kazakhstan’s upper house of parliament, the Senate, on Thursday, Oct 9 adopted the law on ratifying the treaty on the Eurasian Economic Union, a Russia-led three-member bloc seen as an alternative to the EU, ITAR-TASS reported.

The document is to be later signed by President Nursultan Nazarbayev.

“The Eurasian Economic Union is a vital project that envisages cooperation between three major states and implies creating new jobs, promoting integration and assistance towards raising investment,” said Kassym-Jomart Tokayev, who chairs the Senate.

Tokayev stressed that the most important is that the Eurasian Economic Union Treaty’s fulfillment “contributes to increasing prosperity of the citizens, the population of the three states.”

Minister of National Economy of Kazakhstan Yerbolat Dosayev said the treaty is based on the agreements reached between Kazakhstan, Russia and Belarus in the framework of the Customs Union and the Common Economic Space.

By 2025, in the framework of the Eurasian Economic Union, Russia, Belarus and Kazakhstan will open common oil and gas markets, to be free of export customs duties and restrictions in mutual trade.

The Eurasian Economic Union, which envisages free movement of goods, services, capital and workforce and is based on the Customs Union of Russia, Belarus and Kazakhstan, will become operational from January 1, 2015.

The Belarusian parliament will meet on Thursday to debate a bill that will ratify the treaty on the Eurasian Economic Union, RIA Novosti said.

Earlier, Belarusian President Alexander Lukashenko voiced concern about Russia's planned changes to its fiscal policy, saying his country's oil refineries could lose more than $1 billion in taxes. Belarusian lawmakers said this and other disputes must be settled before ratifying the treaty

Belarus pays an annual $4 billion in taxes to Russia for exporting petroleum products which are processed from Russian oil at Belarusian oil refineries.