EURASIAN ECONOMIC UNION
The Eurasian Economic Union is an international organization of regional economic integration. It has the international legal personality and was established by the Treaty on the Eurasian Economic Union signed on May 29, 2014 in Astana.
The Eurasian Economic Union is created on the basis of the Customs Union and the Common Economic Space of Belarus, Kazakhstan and Russia. The Customs Union has been launched since January 2010. A decision on entry into force of international agreements forming the Common Economic Space was made on December, 2011. This defined the usage of the Agreements forming the Common Economic Space since January 2012 to 2015 targeting the creation of the Eurasian Economic Union.
On September 3, 2013, the President of the Republic of Armenia Serzh Sargsyan has declared the decision of the Republic of Armenia to join the Customes Union, take necessary practical steps for this purpose and subsequently participate in the formation of the Eurasian Economic Union.
At the course of the Supreme session of the Eurasian Economic Board held on May 29, 2014, the presidents of the member states of the Customs Union and Common Economic Space signed a treaty of the Eurasian Economic Union, which entered into force from January 1, 2015. The agreement, due to which the Republic of Armenia joined the treaty on the Eurasian Economic Union was signed on October 10 and entered into force on January 2, 2015.
The Treaty on accession of the Kyrgyz Republic to EAEU has been signed on December 23, 2014 in Moscow (Kyrgyzstan is an EAEU member since August 12, 2015).
The EAEU is created for comprehensive modernization, cooperation and increase in competitiveness of national economies and creation of conditions for sustainable development for the increase in living standards of the population of member states. According to provisions of the Treaty on EAEU, the freedom of movement of goods, services, capital and labor, as well as implementation of coordinated or united policy in various branches of economy is provided within the Union.
The Supreme Eurasian Economic Council is the highest body of the Union, which consists of the heads of the Union’s member states. The regular meeting of the Supreme Eurasian Economic Council was held on May 31, 2016 in Astana: the President of the Republic of Armenia Serzh Sargsyan took part in activities of the session.
The Eurasian Intergovernmental Economic Council consists of the heads of governments of member states of the organization. The regular meeting of Intergovernmental economic union convened on November 16, 2016 in Moscow.
The Eurasian Economic Commission is the permanent supranational regulatory body of the union, which consists of the Council of the Commission and Board of the Commission. The main objectives of the Commission are providing conditions for the functioning and development of the union, as well as introducing offers in the sphere of economic integration within the framework of the union. The Eurasian Economic Commission is located in capital Moscow, the Russian Federation. The board of the Eurasian Economic Commission consists of 10 members (2 Members of Board (Ministers) of the Commission from each member country), one of whom is the Chairman of Board of the Commission.
The chairman of Board and its Members are appointed for a 4-year term by the decision of the Supreme Eurasian Economic Union. The board makes decisions by voting. The activity of Eurasian Economic Commission is structured in the functional directions, which are supervised by Members of Board (Ministers). Each direction represents the cluster from branches and spheres of economic activity.
Court of the union – the judicial authority of the Union providing implementation of the Treaty on EAEU and other international treaties within the Union by member states and bodies of the Union. The Court consists of two judges from each member state. A term of office for each judge is nine years. Judges are appointed by the Supreme Eurasian Economic Council upon the introduction of member states. The Court of the union is located in Minsk, Republic of Belarus.
Presidency in the Supreme Council, Intergovernmental Council and Council of the Commission (on the level of Deputy Prime Ministers) is realized on a rotational basis according to the Russian alphabet, by one member state within one calendar year without the right of extension. The Republic of Kazakhstan assumed presidency in EAEU in 2016 is carried out by.
According to the Treaty on EAEU, the union has the right to carry out international activity aimed at the solution of the objectives facing the union within the scope of its competence. The procedure of the international cooperation with the states, the international organizations and the international integration unions is approved by the Resolution of the Supreme Eurasian Economic Council of December 23, 2014.
On May 29, 2015, between the EAEU along with its member states and the Socialist Republic of Vietnam was signed the agreement on the free trade zone. This agreement is the first international document on the free trade zone between the EEU and the third party. The corresponding memorandums of interaction with the third parties and/or their authorized bodies are already signed or currently are at a consideration stage.
The Common Economic Space allows member states to coordinate economic policy regarding key spheres. One of basic elements of formation of the Common Economic Space is functioning of domestic market, within which in mutual trading in goods member states don't apply the import and export customs duties, measures of non-tariff regulation, special protective, anti-dumping and compensating measures, except for the cases stipulated by the Treaty on EAEU.
The EAEU implements coordinated macroeconomic policy, the main directions of which are as follows - formation of the uniform principles of functioning of economies of the union’s member states, ensuring their efficient interaction and also designing general principles and reference points for forecasting social and economic development of the Parties.
The member states agreed upon implementation of the coordinated (coherent) transport policy. According to the Treaty, the international automobile transportations of loads, which are realized by the carriers registered on the territory of one of member states without permit requirements.
The Treaty has also laid the foundations for effective use of cumulative energy potential and optimization of interstate deliveries of energy resources.
For ensuring freedom of movement of labor, the Treaty on EAEU stipulates that the citizens of member states of EAEU wishing to work in any of the EAEU member states are not required to introduce such documents, as patents or work permits. As well as filling in migration cards, when crossing borders of the EAEU countries, if the term of their stay doesn't exceed 30 days from the date of entrance. Workers and members of their families are exempted from registration in law-enforcement bodies for the term of stay up to 30 days.
The income tax within the EAEU is paid at the resident rate. Recognition of the diplomas acquired in educational institutions of member states is realized automatically.
www.eaeunion.org is the official website of the EAEU.