Kyrgyz parliament adopts draft laws on joining Customs Union

According to the Ministry of Economy, the laws mark the completion of the first stage of legal preparation for the accession to the Customs Union. The next stage of legal preparation will start after Kyrgyzstan joins the Customs Union, Xinhua reports.

A few days ago, Temir Sariev, the Minister of Economy, said the Kyrgyzstan's entry to the Customs Union will help it develop the national economy, and create more jobs. The country's business community generally supports the country's joining the Union. However, there are also worries among the public about the rise in prices, as Kyrgyzstan will increase tariffs towards countries that are not members to the Customs Union. Kyrgyzstan is expected to sign an agreement on its accession to the Customs Union and Eurasian Economic Union on Dec. 23 at a meeting of the Supreme Eurasian Economic Council in Moscow and plans to join the union on Jan. 1, 2015. Formally established on Jan. 1, 2010, the Customs Union comprises Russia, Kazakhstan and Belarus. On May 29, leaders of Russia, Kazakhstan and Belarus signed in Astana, the capital of Kazakhstan, the Treaty on the Eurasian Economic Union (EEU), which is based on the Customs Union and symbolizes a new stage of the Eurasian integration process. The Treaty, which aims to create a necessary legal framework for the establishment of the EEU, will take effect from Jan. 1, 2015. The EEU is designed with the mission to increase economic cooperation within the member states as they agree to guarantee the free flow of goods, services, capital and labor and to implement a coordinated policy in the energy, industrial, agricultural and transport sectors.