This is the basic document underlining the agreement between the Russian Federation, the Republic of Belarus and the Republic of Kazakhstan to establish the Eurasian Economic Union to strengthen integration, remove obstacles to the free movement of goods, services, capital and workforce and conduct a coordinated or common policy in the key economic sectors.
This document was submitted by the Ministry of Economic Development in accordance with decisions adopted by three presidents at the Supreme Eurasian Economic Council meetings on 19 December 2012, On the Implementation of the Integration Guidelines, and on 29 May 2013, On the Directions of the Further Development of Integration Processes.
The Agreement on the Eurasian Economic Union (hereinafter referred to as the Agreement and the Union) was drafted by the bodies of state authority of the Russian Federation, the Republic of Belarus and the Republic of Kazakhstan in cooperation with the Eurasian Economic Commission.
The draft of the Agreement consists of 28 chapters and 118 articles.
The Agreement stipulates the rules that differ from the Russian legislation, in particular on technical and financial market regulation.
The Agreement also stipulates the transfer of part of the Russian state authority to the supranational level and sets out that the decisions of the Union agencies shall be legally binding on the Russian Federation.
The Agreement is to be ratified in accordance with Federal Law No 101_FZ, On the International Agreements of the Russian Federation, dated 15 July 1995.
The Agreement is the basic document underlining the agreement between the Russian Federation, the Republic of Belarus and the Republic of Kazakhstan to establish the Eurasian Economic Union to strengthen integration, remove obstacles to the free movement of goods, services, capital and workforce and conduct a coordinated or common policy in key economic sectors. The Agreement seals the transition to the next stage of integration following the Customs Union and the Common Economic Space (hereinafter referred to as the CU and the CES).
The Agreement was prepared on the basis of the codification of the contractual legal framework of the CU and the CES and provides for optimising existing laws, eliminating reference rule, excluding contradictions, filling the gaps, and adjusting the contractual legal framework of the CU and the CES to the WTO rules and regulations. The Agreement is also based on the part of the EurAsEC contractual legal framework that does not contradict the CU and CES agreements.
The signing of the Agreement and its enforcement would ensure the operation of the Eurasian Economic Union starting in 2015 and would facilitate the reduction of exceptions and limitations, including obstacles, of the parties’ businesses’ access to the market of the Agreement signatories. This would create the basis for developing internal trade, economic and cooperatives ties and for strengthening the competitiveness of national industries and the role of the Union states in the global economy.
The document was discussed and approved at a Government meeting on 21 May 2014.