Eurasian Economic Union Treaty signed in Astana

• 29.05.2014, 11:44

The Treaty on the Eurasian Economic Union of Belarus, Kazakhstan and Russia was signed in Astana on 29 May.

The document was signed by Presidents Alexander Lukashenko, Nursultan Nazarbayev and Vladimir Putin.

The treaty reflects the basic aspects inherent in international organizations, the principles of sovereign equality of the states, territorial integrity. The treaty also establishes a mechanism for consensus in decision-making at all levels and the principle of equal personnel representation in the union bodies.

The Eurasian Economic Union Treaty aims to "improve the well-being and quality of life of the citizens of Kazakhstan, Russia and Belarus and provides for the free movement of goods, services, capital and labor, a coordinated economic policy. The effect of the integration in the form of the aggregate GDP growth by 2030 is estimated at about $900 billion".