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Tuesday, August 22, 2017

Kremlin expresses confidence in Eurasian economic union

Yuri Ushakov, a Russian presidential aide representing the Kremlin, expressed hopes on Wednesday that the signing of a treaty to develop the Eurasian Economic Union of Russia, Belarus and Kazakhstan will help develop integration processes.

"The conclusion of the treaty is a historic event for development of integration processes in the Eurasian space," Ushakov said, adding that the treaty should be ratified quickly in the three country's parliaments so that the union can be launched before the new year.

The first summit on the Supreme Eurasian Economic Council was held in November 2011, when the presidents of the three countries adopted a declaration on Eurasian economic integration.

The treaty 700 pages long, with 28 sections, 118 articles and 32 addenda. It is based on a contractual and legal basis of the Customs Union and the Common Economic Space effective provisions in compliance with World Trade Organization rules.

The treaty was signed on Thursday in Astana by Russian President Vladimir Putin, Kazakh President Nursultan Nazarbayev and Belarusian President Alexander Lukashenko.