MOSCOW, October 1 (RAPSI) – The Federation Council of Russia’s parliament has ratified the treaty on the Eurasian Economic Union (EAEU), which the presidents of Russia, Belarus and Kazakhstan signed in May, RIA Novosti reports on Wednesday.
The treaty seals the agreement reached by Russia, Belarus and Kazakhstan to proceed to the next integration stage following the Customs Union and the Common Economic Space. It was signed on May 29, 2014 in Astana, the capital of Kazakhstan, completing the creation of the largest common market in the CIS, with an aggregate population of 170 million.
The treaty will become effective in 2015 to boost the development of trade, economic and cooperative ties, enhance the member-states’ economic competitiveness and strengthen their role in the global economy.
It took the member-states several years to sign the treaty, which consists of two parts. The first sets forth the goals and tasks of Eurasian integration and seals the status of the union as a full-scale international organization. The second part regulates economic cooperation mechanisms and formalizes the parties’ obligations in sectoral integration.
The Eurasian Economic Commission, the supranational governing body of the Common Economic Space, will have its headquarters in Moscow, the EAEU court will sit in Minsk (Belarus) and the union’s economic regulator will be located in Alma Ata (Kazakhstan).
Kazakhstan and Belarus are expected to ratify the treaty before the trilateral meeting in Minsk on October 9.