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Friday, July 20, 2018

Eurasian Economic Union treaty drafted for signing this month

Kazakh First Deputy Prime Minister Bakytzhan Sagintayev said on Thursday in Moscow that the draft Eurasian Economic Union treaty is ready.

In 2011, the presidents of Russia, Kazakhstan and Belarus signed an agreement calling for the establishment of the Eurasian Union by 2015. The agreement provided a loose framework for integration and established the Eurasian Commission-based on the European Commission-and the Eurasian Economic Space, BelTA reports.

Sagintayev said intrastate procedures will be the next step in the drafting process. The treaty will be translated into the national languages of the countries that will participate in the future union so the document will be ready for signing by the heads of state during the session of the Supreme Eurasian Economic Council in Astana on May 29.

He said the treaty will boost mutually beneficial and equal development of the economies of the member states, including development in transport, power engineering, agribusiness, and competitiveness, according to BelTA.

Sagintayev also said that a number of technical amendments to the draft Eurasian Economic Union treaty have yet to be made--the changes will be introduced at the session of the Council of the Eurasian Economic Commission in Astana, which will be held prior to the meeting of the presidents of the three countries.