Eurasian Economic Union to be created at Russian-Kazakh-Belarusian summit

The Kremlin press service said Monday the next session of the Supreme Eurasian Economic Council would be held in Astana, Kazakhstan, on May 29. "The leaders of Russia, Belarus and Kazakhstan plan to sign a treaty on the Eurasian Economic Union, which will take effect on January 1, 2015," Interfax reported. "The creation of the union takes the member countries to a higher integration level," the report said, noting, "The three countries assume responsibility to guarantee free transit of goods, services, capital and workforce and conduct coordinated policies in key sectors of the economy (energy, industry, agriculture, and transport)". It then said "this completes the formation of a large common market in the CIS (170 million people), which will become a new powerful center of economic development". The report concluded by saying that "the negotiations are expected to address the practical aspects of the functioning of the Customs Union and the unified economic space, as well as issues relating to further expansion of the composition of Eurasian economic integration, including the accession of Armenia to the Treaty on the Eurasian Economic Union and the work on the roadmap to adapt the legislation of Kyrgyzstan to the legislation of the Customs Union and the unified economic space".