Treaty on establishment of the Eurasian Economic Union (EAEU) was signed on May 29, 2014 in Astana within the framework of meeting of the Supreme Eurasian Economic Council at the level of Heads of States of Kazakhstan, Russia and Belarus. Establishment of the Union takes participating countries to a higher level of integration.
This treaty provides measures on harmonization of national legislation in accordance with requirements of international agreements within the framework of the World Trade Organization (WTO) that will contribute acceleration of the process of accession of Kazakhstan to the WTO until the end of 2014.
Within the framework of new stage of integration – establishment of economic union – maximally possible freedom of movement of goods, services, capital and labor sources will be ensured.
As the president of Kazakhstan Nursultan Nazarbayev has noted, signing of the treaty on the Eurasian Economic Union will mark a new stage of integration in Eurasian space. « I think the treaty turned out balances, literate, taking into account interests of all of our countries», - said the Head of State.
«Nationals of our countries must fully appreciate benefits of Eurasian integration. They will have the right to work freely in the countries of «troika». Herewith they will not be required to get any permits», - said Russian President Vladimir Putin following the results of meeting of the Supreme Eurasian Economic Council in Astana.
Sergey Gusarov, Chairman of the Board of Subsidiary JSC VTB Bank (Kazakhstan), commenting the signing of the Treaty on establishment of EAEU, said: «We witnessed a historic event that marks the beginning of new stage of integration in Eurasian space. I am sure that new level of economic partnership will open up great opportunities for the economies of participating countries: full-fledged free trade area with wider participation will be created, new sales markets will be opened, competitiveness will increase - perspectives of integration are enormous».
Work on the treaty began in November 2011, when the presidents of three countries have approved declaration on Eurasian economic integration. The leaders of Russia, Belarus and Kazakhstan have held a final round of negotiations before signing the treaty on the EAEU on April 29, 2014 at the meeting in Minsk.