Federation Council approves Eurasian Economic Union Treaty
MOSCOW. Oct 1 (Interfax) - The upper chamber of the Russian parliament unanimously approved the Eurasian Economic Union (EEU) Treaty at the first meeting of its autumn session on Wednesday. The treaty was signed by the presidents of Russia, Belarus and Kazakhstan in Astana on May 29, 2014.
The State Duma ratified the document on September 26.
The document identifies the agreement of Russia, Belarus and Kazakhstan to set up the Eurasian Economic Union, which will provide free movement of goods, services, capital and labor force and promote a coordinated, harmonized or united policy in key economic sectors, says the explanatory memorandum.
The document envisages a shift to a single customs tariff.
The Union will have a ruble budget formed with contributions from EEU member countries. The size of contributions will be set by the Supreme Council, consisting of the heads of state.
The enforcement of the treaty will require additional budgetary expenditures, which will be included in the budget of next year and the upcoming three-year period.
The treaty incorporates norms of the Customs Union and the Common Economic Space into its legal system and improves them with lessening barriers to the movement of goods, services, capital and labor force. In addition, the treaty incorporates the contractual and legal framework of the Eurasian Economic Community in the part consistent with the agreements reached within the Customs Union and the Common Economic Space.
The Eurasian Economic Union Treaty is due to take effect on January 1, 2015. National legislations will be harmonized within a decade. The document emphasized that the Union was open to any state sharing EEU goals and principles and ready to accept the terms coordinated by the member states. The Eurasian Commission will be headquartered in Moscow, the Eurasian Economic Union Court in Minsk and the financial regulator in Almaty.