07:31 GMT +314 November 2018
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    Belarus Proposes Establishing Common Gas, Oil Market in Eurasian Economic Union

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    Belarus proposes to promptly establish a common market for gas, oil and petroleum products, Prime Minister Andrei Kobyakov said Friday.

    KAZAN (Sputnik) — The EAEU, comprising Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan, is an international organization that encourages regional economic integration through the free movement of goods, services, and people within the union.

    "Under the agreement, the common electricity market should be formed in July 2019. The establishment of unified markets in other related areas is scheduled, according to our agreements, by 2025," Kobyakov said at a meeting of the Eurasian intergovernmental council.

    "Given the high dependence of the electricity market on the gas market, we propose taking all the necessary joint efforts to speed up the formation of the common gas market of the union, without waiting for what was agreed in the agreement on the union of 2025," he said, adding that there was a proposal to use a similar approach in drafting the agreement on the formation of a common market for oil and oil products.

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