Russian President Vladimir Putin has submitted the agreement on the Eurasian Economic Union to the national parliament for ratification, according to information posted on the Kremlin’s website on Monday.
The agreement on the establishment of the Eurasian Economic Union was signed by the presidents of Russia, Belarus and Kazakhstan on May 29, 2014 in Astana.
The agreement is the basic document defining the accords between Russia, Belarus and Kazakhstan for creating the Eurasian Economic Union for the free movement of goods, services, capital and workforce and conducting coordinated or common policies in key sectors of the economy, such as energy, industry, agriculture and transport.
The agreement stipulates the transition of Russia, Belarus and Kazakhstan to the next stage of integration after the Customs Union and the common economic space.
The agreement on the Eurasian Economic Union is set to come into force on the territory of the Customs Union of Russia, Belarus and Kazakhstan from January 1, 2015.
​Armenia's accession to the Eurasian Economic Union
Putin has also approved the government’s proposal for Armenia’s accession to the treaty on the Eurasian Economic Union, according to information posted on the Kremlin’s website.
The Russian president approved the government’s proposal on signing the corresponding agreement with Armenia, the Kremlin website said.
The Russian president’s instruction “deems it expedient to sign the Agreement at a session of the Higher Eurasian Economic Council at the level of the heads of state,” the document said.
The agreement on the Eurasian Economic Union is set to come into force on the territory of the Customs Union of Russia, Belarus and Kazakhstan from January 1, 2015.