Kazakh Parliament ratifies Eurasian Economic Union Treaty

"The Eurasian Economic Union Treaty was inked by the presidents of Kazakhstan, Belarus and Russia in Astana on May 29, 2014. This document is of paramount importance for Kazakhstan since it will define the fundamentals of our foreign economic policy for years to come. Amid the slowdown in the world economic growth, Kazakhstan will create necessary foundation for diversification of its economy within the EEU and will be able to enter the world's 30 most competitive countries," Minister of National Economy of Kazakhstan Yerbolat Dossayev said introducing the bill at the session. According to Minister Dossayev, Eurasian integration's economic potential is very high. The total volume of economy of the member countries exceeds $2 trillion. The total volume of industrial output in Kazakhstan, Belarus and Russia is about $1.5 trillion. Mr. Dossayev also stressed that the document envisages only economic cooperation, ensures sovereign equality and takes into account national interest of the EEU member states.