Eurasian Economic Union to serve $2.7 trillion market
The new customs union was set up Friday to create a trade bloc for Russia, Kazakhstan, Belarus and Armenia at the start.

A new Eurasian trade bloc was established Friday.

The new international organization brings together Russia, Belarus, Armenia and Kazakhstan into the Eurasian Economic Union. The basis of the organization is to allow the free movement of goods, services, capital and workforce among the member states, and for them to conduct common policies in key sectors of the economy, such as energy, industry, agriculture and transport. The organization will serve a market of 170 million people with a value of $2.7 trillion in combined gross domestic product.

It is the culmination of a treaty accord which was signed by the presidents of Russia, Belarus and Kazakhstan on May 29, 2014 in Astana.

The agreement to establish the new trade bloc took place at Minsk in Belarus, with the leaders of all the countries involved to implement the organization. The national parliaments of all the member states had previously ratified the accord. The customs union will begin operations on Jan. 1, 2015.

At the meeting in Minsk, the leaders also agreed to close down the predecessor organization to the Eurasian Economic Union, which was called the Eurasian Economic Community. Armenia finalized its adherence to the new customs union at the meeting.

At the meeting, Russian President Vladimir Putin commented: "I would like to point out that the integration process is reaching a new level, although we are still to do a great deal to ensure the newly-created Eurasian Economic Union should achieve capacity operation and the people of our countries feel real feedback from the efforts we exert." Putin added that key economic and legal issues will be referred to the Eurasian Economic Union.

The summit hosted presidents of member and host countries including president of Azerbaijan, Ilham Aliyev; president of Kyrgyzstan, Almazbek Atambayev; president of Armenia, Serj Sargsyan; president of Belarus, Alexander Lukashenko; president of Tajikistan, Emomali Rahmon; president of Uzbekistan, Islam Karimov; president of Turkmenistan, Gurbanguly Berdimuhamedov; and president of Moldova , Nicolae Timofti.

Last Modified: 2014-10-12 09:35:16
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