As of January 1, 2015, the agreement on the Eurasian Economic Union (EAEU) has come into force. The agreement was signed in May 2014 in Astana by the presidents of Belarus, Kazakhstan, and Russia. Starting from January 2, 2015, in accordance with the agreement on joining this union, signed in October 2014, Armenia became a full member of the EAEU. By May 2015, the Eurasian Economic Commission noted that Kyrgyzstan, which signed a similar agreement on December 23, 2014, is expected to acquire full membership as well.
The EEC emphasized that the member countries of the EAEU will trade freely and cooperate in key sectors of the economy - in energy, industry, agriculture, and transport. The new common market, with a projected GDP of $4.5 trillion, will cover more than 170 million people. The headquarters of the EEC will be located in Moscow, the financial regulator in Almaty, and the EAEU court will be situated in Minsk. Belarus also received the right to chair this union in 2015.
In the distributed customs duties collected from the import of goods into the EAEU territory, Belarus's share decreases from 4.7% to 4.65%, Kazakhstan's from 7.3% to 7.25%, and Russia's from 88% to 86.97%. Armenia's share will be 1.13%, and Kyrgyzstan's share will be 1.9%.
It is planned that in 2016 the participating countries will create a common pharmaceutical market, by 2019 a common electricity market, and by 2025 a market for oil, gas, and petroleum products.
Source: vb.kg
