Updated 4:41 p.m. Moscow Time
MOSCOW, October 3 (RIA Novosti) – Russian President Vladimir Putin on Friday signed into law the ratification of the Eurasian Economic Union agreement.
The Eurasian Economic Union agreement, representing the pact of Russia, Belarus and Kazakhstan to progress to the next stage of integration after the Customs Union and the Common Economic Space, was signed by all three presidents in May. The signing of the Eurasian Economic Union agreement brings together 170 million people onto a common market, making it a new powerful center for economic development.
Russia’s upper parliament, the Federation Council, ratified the agreement on Wednesday.
The agreement will take effect beginning in 2015 and will launch the development of domestic trade, economic and cooperative ties, will increase competitiveness of national production, and will strengthen the role of the union’s countries in the world's economic system.
The agreement is based on the provisions of the contractual legal framework of the Customs Union and Common Economic Space that were improved to comply with the rules of the World Trade Organization.
The republics of Armenia, Kyrgyzstan and Tajikistan have also expressed interest in joining the organization.
On Thursday, Vladimir Putin said that the process of Armenia's accession to the Eurasian Economic Union is about to be completed, and the dialogue with Kyrgyzstan continues. Russian leader also expressed certitude that the Union will be joined by more countries in the future.