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Press release of the Embassies of Belorussia, Kazakhstan and Russia

Joint press release of the Embassies of Belorussia, Kazakhstan and Russia on the occasion of signing agreement establishing the Eurasian Economic Union.

On 29 May 2014, the leaders of Belarus, Kazakhstan and Russia met in Astana (Kazakhstan) to sign the agreement establishing the Eurasian Economic Union (EEU). The treaty on the establishment of the Eurasian Economic Union, which should come into force on January 1, 2015, has been signed by Presidents of Kazakhstan, Russia and Belarus at a meeting of the Supreme Eurasian Economic Council at the Palace of Independence in Astana. Alexander Lukashenko, Nursultan Nazarbayev and Vladimir Putin signed the treaty in the presence of members of the public of the three countries.

«First and foremost it is the economic union and does not engage the question of independence of the political sovereignty of the countries participating in the integration process,» Nursultan Nazarbayev said after the signing. According to him, it is symbolic that the historic act of creation of the Eurasian Union was signed in Astana, Kazakhstan’s new capital.

The union, first proposed by President of Kazakhstan Nursultan Nazarbayev over 20 years ago, builds on the work of the Customs Union (CU) and Common Economic Space (CES) to create a common market of over 170 million people.

The union will further strengthen economy, providing more and greater opportunities for domestic and foreign businesses. This common market has significant potential over the next two decades, with experts predicting a 25 per cent growth in the member states’ GDP by 2030, which equates to over US$ 600 bn. Since the creation of the CU and CES, trade between Russia, Kazakhstan and Belarus has increased by 47 per cent, exceeding US $24 bn in 2013. The Commission of the EEU, the supranational body established to promote integration, is strictly regulated by the agreements between member states. Its powers relate exclusively to economic issues. The Commission of the EEU does not have any supranational authority over the respective Heads of State will not support the creation of any supranational political bodies, such as an EEU Parliament. The structure of the EEU Commission and its ruling council means that no single state can dominate the decision making process. Resolutions are based on the decision of the majority of the Council but each state has a veto on the process. In this case the issue is brought up to the level of the Head of States where the decision is made by consensus.

The success of the CU and the CES is dependent on strong relationships with Europe, Asia and other regional bodies and countries. We see great potential in its strategic location between Europe, Asia and the Middle East and will continue to promote these ties. The EEU will have no impact on our countries other bilateral or international relations or agreements, nor their integration into other organizations. The EEU preserves the sovereignty of each member state.
The EEU is aimed at facilitating trade, both within the organization and with outside partners – not to act as a barrier. Belarus, Russia and Kazakhstan strongly supports the proposal to create a free trade zone between the EEU and the European Union.

Berne, May 29, 2014
Embassy of the Republic of Belarus
Embassy of the Republic of Kazakhstan
Embassy of the Russian Federation