Russia finishes ratification of Eurasian Economic Union Treaty

Earlier, on 26 September, the document was upheld by the State Duma of Russia.

The Eurasian Economic Union Treaty of Belarus, Kazakhstan and Russia was signed by Presidents Alexander Lukashenko, Nursultan Nazarbayev and Vladimir Putin in Astana on 29 May. Presenting the document to the Federation Council, First Deputy Chairman of the Federation Council Committee for International Affairs Vladimir Dzhabarov noted that the treaty is being ratified by the parliaments of the three countries in the established timeframe.

The Eurasian Economic Union Treaty is a fundamental document formalizing the agreements of Belarus, Russia and Kazakhstan on the transition from the Customs Union and the Single Economic Space to the next integration stage - the establishment of the Eurasian Economic Union.

The Eurasian Economic Union Treaty provides for the free movement of goods, services, capital and workforce. It seeks to create conditions for sustainable economic growth of the three countries with an ultimate goal to improve the living standards of the population, to conduct all-round modernization, to boost cooperation and to enhance the competitiveness of national economies.

The treaty will take the three countries to a brand new level of integration. The signatories to the treaty will be able to boost economic cooperation without losing their sovereignty.