MINSK, October 10 (RIA Novosti) - The leaders of the Eurasian Economic Community (EurAsEC) on Friday formally dissolved the integration group in order to prepare for the Eurasian Economic Union.
At the meeting in Minsk, the heads of state from Russia, Belarus, Kyrgyzstan, Kazakhstan, and Tajikistan signed an agreement on the abolition of the EurAsEC.
Russian President Vladimir Putin said on the same day that "none of the rich heritage of the Eurasian Economic Community should be lost" and that the implementation of the agreements and other documents signed within the community would be continued.
From January 1, 2015, the EurAsEC will be replaced by the Eurasian Economic Union (EEU).
Russia, Belarus and Kazakhstan signed the treaty to create the Eurasian Union in May and have already ratified the document, which is expected to come into force on January 1, 2015. The Eurasian Economic Union agreement brings together 170 million people onto a common market, making it a new powerful center for economic development.
Earlier on Friday, leaders of the Eurasian Economic Union signed an agreement on Armenia’s accession to the EEU Treaty.
The agreement seeks to launch the development of domestic trade, economic and cooperative ties, increase competitiveness of national production and strengthen the role of the union’s countries in the global economic system.
The republics of Kyrgyzstan and Tajikistan have also expressed interest in joining the organization.