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Monday, January 22, 2018

Kyrgyzstan to join Customs Union

Kyrgyzstan will be the joining the Eurasian Customs Union, which consists of Russia, Belarus and Kazakhstan, President Almazbek Atambayev said Monday.

Calling the decision the lesser of two evils, he warned of economic and social problems being exacerbated. Atambayev said joining the Customs Union would increase inflation and prices. 

“If we give up the accession to the organization (the Customs Union), we can face increased risks," Atambayev said.

Joining the union will allow the Republic of Kyrgyzstan to have equal conditions and rights shared with other member nations, along with the ability for loans and grants.

Despite a potential rise in inflation, the government considers the move a good one that will have the benefit of creating a $1 billion development fund.

"To preserve stability in the country is most important for us now,” Atambayev said.

The country is set for integration by Jan. 1, 2015. The legislature currently is handling the transition and integration process.

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Eurasian Development Bank

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