The Republic of Belarus' current account deficit with the Customs Union and Common Economic Space member countries fell to $4.648.4 million in January-June, down from $8.240.3 million in January-June 2012, according to figures released by the National Bank of Belarus.
The Customs Union of Belarus, Kazakhstan and Russia was established on January 1, 2010, and was launched as a first step toward forming a broader European Union-type economic alliance of former Soviet states, to be called the Eurasion Economic union.
Two years later, on January 1, 2012, the three Customs Union members introduced a Common Economic Space to promote further economic integration.
Then-Russian President Dmitry Medvedev said in his state-of-the nation address to both houses of parliament on December 22, 2011, that Russia intended to intensify economic integration in the post-Soviet space and expects the Eurasian Economic Union with Belarus and Kazakhstan to come into existence by 2015.
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