Russia, Belarus, Kazakhstan are launching common economic space Jan. 1

In November, the Russian, Belarusian and Kazakh presidents signed a declaration on Eurasian economic integration, a roadmap of integration processes aimed at creating the Eurasian Economic Union, which will be based on the Customs Union and common economic space among the three countries .

At their summit on December 18, the three leaders signed an agreement on the Eurasian Economic Commission, a new supranational body to manage economic integration of the three former Soviet republics.

President Dmitry Medvedev said in his state-of-the-nation address to both houses of parliament on December 22 that Russia intends to intensify economic integration in the post-Soviet space and expects the Eurasian Economic Union with Belarus and Kazakhstan to come into existence by 2015.