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‘A new level of integration’: Russia, Belarus, Kazakhstan sign Eurasian Economic Union
Published time: May 29, 2014 08:16
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Russia, Belarus, and Kazakhstan have signed the much-anticipated Eurasian Economic Union which will come into effect on January 2015. The free trade zone will comprise over 170 million people and will cut down trade barriers between the regional powers.
The Customs Union is a project to gather ex-Soviet states into a free trade zone to rival the European Union. The three member states of Russia, Belarus and Kazakhstan only comprise 2.5 percent of the world’s population, but account for 15 percent of the total land.
Trade duties will be lifted on goods like gas, petroleum, and diamond export duties. Furthermore, the geographical position of the countries will help attract trade from both East and West.
"The geographical position permits us to create transport, logistic routes of not only regional, but also global importance that permits attracting massive trade flows in Europe and Asia," Russian President Vladimir Putin said at the meeting of the Supreme Eurasian Economic Council in Astana, Kazakhstan on Thursday.
Together, the three country’s account for 20 percent of the world’s gas reserves and 15 percent of oil reserves.
The Russian leader said that the document brings Russia, Kazakhstan and Belarus to a new level of integration and fully retains sovereignty.
“We ensure a close and coherent economic collaboration and cooperation. Today we have created a powerful and attractive center of economic development, a large regional market that brings together more than 170 people. Our union has huge reserves of natural resources, including energy, which accounts for one fifth of the world’s gas reserves and 15 percent of oil reserves,” Putin said.
Published time: May 29, 2014 08:16
Get short URL
Russia, Belarus, and Kazakhstan have signed the much-anticipated Eurasian Economic Union which will come into effect on January 2015. The free trade zone will comprise over 170 million people and will cut down trade barriers between the regional powers.
The Customs Union is a project to gather ex-Soviet states into a free trade zone to rival the European Union. The three member states of Russia, Belarus and Kazakhstan only comprise 2.5 percent of the world’s population, but account for 15 percent of the total land.
Trade duties will be lifted on goods like gas, petroleum, and diamond export duties. Furthermore, the geographical position of the countries will help attract trade from both East and West.
"The geographical position permits us to create transport, logistic routes of not only regional, but also global importance that permits attracting massive trade flows in Europe and Asia," Russian President Vladimir Putin said at the meeting of the Supreme Eurasian Economic Council in Astana, Kazakhstan on Thursday.
Together, the three country’s account for 20 percent of the world’s gas reserves and 15 percent of oil reserves.
The Russian leader said that the document brings Russia, Kazakhstan and Belarus to a new level of integration and fully retains sovereignty.
“We ensure a close and coherent economic collaboration and cooperation. Today we have created a powerful and attractive center of economic development, a large regional market that brings together more than 170 people. Our union has huge reserves of natural resources, including energy, which accounts for one fifth of the world’s gas reserves and 15 percent of oil reserves,” Putin said.
