After three years of working on the project, Russia, Belarus, and Kazakhstan finally signed the treaty on creation of the Eurasian Economic Union, which comes into operation on January 1, 2015. The parties arrived at a consensus on all the key clauses of the agreement. The document suggests the free flow of goods, services, capital and labor force. Besides, Moscow, Minsk, and Astana are meant to accord their actions with each other, especially while shaping policy in the areas of energy, industry, agriculture, and transport.
The treaty on the Eurasian Economic Union, in President Putin’s opinion, “is a result of the joint work, close co-operation between the governments of Russia, Belarus and Kazakhstan.” “Being full of determination to succeed and having willingness and ability to make compromises, the countries managed to overcome lots of troubles along the way. The treaty was signed before June 1, 2014 just as planned,” Vladimir Putin noted at the meeting of the Supreme Eurasian Economic Council in Astana.
The presidents also pointed out the favorable geographic location of the EaEU countries that make the development of global transportation and logistics network real. The nations will boost competitiveness of their economies by dint of it. "Today we are creating together a powerful and attractive center of economic development, a major regional market which brings together more than 170 million people," the Russian president continued. It’s no wonder since the new alliance accounts for one fifth of gas reserves and 15% of oil reserves in the world. Russia, Belarus, and Kazakhstan have the most developed industrial sectors, industrial base as well as qualified personnel with considerable cultural and intellectual potential, Mr Putin added.
An important point to remember is that the treaty contains 28 chapters, 118 articles, and 32 appendices.
