Eurasian Economic Union is a new geo-economic reality of the twenty-first century

May 30. Kazpravda


Eurasian Economic Union is a new geo-economic reality of the twenty-first centuryThe Treaty on the Eurasian Economic Union was signed yesterday as part of the meeting of the Supreme Eurasian Economic Council held in Astana at the level of heads of state.

Before the singing ceremony which was the culmination of the event, the leaders of the three states held two meetings (in narrow and expanded format) with very loaded agenda.

At the meeting in the narrow circle Nursultan Nazarbayev, Vladimir Putin and Alexander Lukashenko discussed the key directions of development of the Customs Union and Common Economic Space, as well as the issues of expansion of the Eurasian integration process.

Opening the meeting, President Nursultan Nazarbayev said that the event in Astana has a historical significance for the future of Kazakhstan, Belarus and Russia. The signing of the document indicates a qualitatively new stage of integration on the Eurasian space. The treaty contains all basic aspects of international organizations, enshrines the principles of sovereign equality, territorial integrity and respect of political systems of the member states. The important point is that decisions at all levels of the organization are made on the base of consensus. Thereby, the voice of each side is determining.

The Kazakh leader stressed that the treaty is aimed at solving the problems on welfare of citizens of the three countries and expressed confidence that the establishment of the Eurasian Economic Union will be a powerful impetus for the comprehensive economic modernization of the three countries’ economies.

President of Belarus Alexander Lukashenko said in his speech that the three countries have passed the difficult path to economic integration. At that he noted big opportunities for improving the provisions of the signed document for mutual benefit of all participants.

In turn, Russian President Vladimir Putin said that the meeting in Astana is a landmark event. The EEU Treaty allows the three countries to achieve a new level of integration, fully preserving the sovereignty and ensuring closer economic cooperation. The Russian leader emphasized the symbolism of signing the agreement in the capital of Kazakhstan because the idea of the Eurasian Union belongs to Nursultan Nazarbayev.

The three countries have created a powerful, attractive center of economic development, a large regional market with more than 170 million people, said Putin. The member states of the union have developed industrial base and powerful human, intellectual and cultural potential. The geographical location allows them to create transport and logistics routes of regional and global importance.

At the expanded meeting President of the Republic of Armenia Serzh Sargsyan, President of Kyrgyzstan Almazbek Atambayev and Board’s chairman of the Eurasian Economic Commission Viktor Khristenko joined the dialogue of leaders of Kazakhstan, Russia and Belarus.

The sides considered the preparation of the document on the accession of Armenia to the Eurasian Economic Union and the roadmap for accession of Kyrgyzstan to the Customs Union.

Nursultan Nazarbayev said that this is another milestone in the process of Eurasian economic integration.

The Kazakh leader also informed on the arrangements related to supranational bodies of the EEU. Thus, the Eurasian Economic Commission will be based in Moscow, the Eurasian Court which will deal with legal aspects of the union, will be based in Minsk and a supranational authority to regulate financial markets of the union, from 2025 will be located in Almaty. Nursultan Nazarbayev expressed confidence that creating the EEU will become a powerful impetus for the development and further modernization of the member states’ economies.

Armenian President Serzh Sargsyan expressed gratitude for the invitation to participate in such historic event as the signing ceremony of the Treaty on Eurasian Economic Union, as well as in the work of the Supreme Eurasian Economic Council in Astana.

He stressed that coordinated work with relevant agencies of Kazakhstan, Russia and Belarus and with the Eurasian Economic Commission allowed on schedule to prepare the draft agreement on Armenia’s joining the Treaty on the Eurasian Economic Union.

In turn, Kyrgyz President Almazbek Atambayev paid tribute to Kazakh leader Nursultan Nazarbayev, whose idea of creating the Eurasian economic union has been implemented.

He expressed confidence that the EEU would be an effective organization that creates mutually beneficial economic field for all its members. The integration into the CU and subsequently in EEU for Kyrgyzstan is a conscious decision and the most important area of economic policy, he said.

Kyrgyz President also expressed gratitude to the Kazakh and Russian parties for assistance in developing a mechanism to support Kyrgyz economy in transition period.

Board’s chairman of the Eurasian Economic Commission Viktor Khristenko presented his report on the agenda and the book “20 Years of the Eurasian project” which recorded the major stages of formation and development of the initiative. He drew attention to the fact that the book begins with 1994 with Nursultan Nazarbayev’s historical lecture in Moscow.

After the negotiations the heads of the three states at the solemn ceremony signed the Treaty on the Eurasian Economic Union.

Note that the EEC Treaty reflects the basic issues of international organizations, enshrines the principles of sovereign equality, territorial integrity and respect of political system of member states of the union. As for the integration effect, it is expected that the aggregate GDP growth in 2030 will reach $ 900 billion.

After the ceremony, which was attended by representatives of public, the diplomatic corps of the three countries, the media and youth, the leaders of the three countries made statements.