ASTANA, May 29 (RIA Novosti) – The Eurasian Union Treaty has been drafted to meet all the interests of the union’s participants, Kazakh President Nursultan Nazarbayev said at the opening of the landmark treaty summit in Astana.
Nazarbayev said the treaty, to be signed today in the Kazakh capital, “is of historic importance to Russia, Kazakhstan and Belarus.”
“The agreement is balanced, articulate and consistent with the interests of all [member] countries,” the Kazakh leader added.
The Eurasian Economic Union (EAU) was conceived as an EU-style bloc aimed at promoting integration and free trade between its three member states, with more countries to follow.
Russian President Vladimir Putin said earlier on Thursday the final treaty was completely ready to be signed. “Eurasian Economic Union will work on the basis on universal transparent principles, comprehensible to everyone, including the norms and principles of the WTO,” he added.
The treaty will come into force on January 1, 2015. The three countries' leaders are also expected to flesh out various aspects of the existing Customs Union and the Single Economic Space.
Bids from other potential member states will also be considered, including Armenia, which said it was hoping to join the Eurasian Economic Union.
The summit will also consider a roadmap for Kyrgyzstan to join the Moscow-led Customs Union and the Eurasian economic zone.
