The binding treaty is expected to raise the three nations to a higher level of integration. The three countries have committed to guaranteeing the free movement of goods, services, capital and labor as well as the implementation of coordinated policies in key sectors including energy, industry, agriculture and transportation.
The accord was inked during Thursday’s session of the Supreme Eurasian Economic Council in Astana, Kazakhstan. The council regulates the Eurasian Economic Community created by several former Soviet states in the 1990s.
The agreement will finalize the establishment of the CIS’s largest common market, which is slated to become a new economic powerhouse.
Bids from other potential member states were also considered at the meeting, including from Armenia and Kyrgyzstan. The Armenian president today said his country hoped to sign the Eurasian Economic Union Treaty by June 15.
The Eurasian Economic Union was conceived of as an EU-style bloc aimed at promoting integration and free trade between its three member states, Russia, Kazakhstan and Belarus, with more countries to follow.