On February 26, 1999 the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation and the Republic of Tajikistan signed the Treaty on the Customs Union and Single Economic Space. In this treaty without a specific time frame were defined the following stages of integration: at the first stage — the full-scale implementation of the free trade regime, at the second stage — the creation of the Customs Union, and at the third stage — the formation of the Single Economic Space.
On October 10, 2000, the Eurasian economic community (EurAsEC) was established by the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation and the Republic of Tajikistan. These states were parts of the Eurasian economic community.
On August 16, 2006, at the EurAsEC summit meeting in Sochi it was decided to create the Customs Union (further — the CU) of three states (Belarus, Kazakhstan and Russia) within the EurAsEC. The Customs Union became fully operational on July 1, 2011.
On October 6, 2007, in Dushanbe the presidents of Belarus, Kazakhstan and Russia signed the Agreement on the Commission of the Customs Union. On the basis of this Agreement was created the single permanent regulatory body — the Commission of the Customs Union (further — CCU). The CCU is responsible for execution of decisions of the Superior body of the Customs union — the Interstate Council of EurAsEC (at the level of heads of states and heads of governments).
It was stipulated in the Agreement that the decisions made by the Commission would have binding power on territories of the states of the Parties.
Since January 1, 2012 the set of 17 basic agreements forming SES was put into effect.
On November 18, 2011, during the meeting in Moscow the presidents of Belarus, Kazakhstan and Russia signed the Agreement on the Eurasian Economic Commission (EAEC). Based on this agreement the EEC became the single permanent regulatory body of the CU and SES. The EEC started functioning since February 1, 2012. According to the Agreement on the EEC since November 18, 2011 powers concerning the CU and SES were delegated from the EurAsEC Interstate Council (the supreme body of the Customs Union) to the Supreme Eurasian Economic Council (further — SEEC).
On December 19, 2012, at the SEEC meeting in Moscow was made the decision to provide the codification of international agreements at the level of governments of Belarus, Kazakhstan and Russia and EAEC, which would constitute the legal framework of the CU and EAEC, on the basis of which by May 1, 2014 would be prepared the draft of the Agreement on the Eurasian Economic Union (the Agreement on the EAEU).
On May 29, 2014 — the presidents of the Republic of Belarus, the Republic of Kazakhstan and the Russian Federation signed the Agreement on the Eurasian Economic Union (EAEU). This Agreement came into force on January 1, 2015.
On October 10, 2014 during the meeting of Interstate Council of EurAsEC the Member States' Heads signed the Treaty on termination of Eurasian Economic Community.
The results of CU and SES legal base codification were in the basis of the Treaty on the EAEU, intended to optimize the existing rules, eliminate the referential rules and exclude the contradictions.
The EAEU is created as international organization of regional economic integration with international legal personality. Within the Union some conditions for providing “four freedoms” are created: freedom of goods movements, services movements, capital and labor movements; coordinated, coherent and common policy in the key sectors of economy.
The elimination of exemptions is in process. The treaty provides that the formation of the EAEU common market will be implemented step by step in some of the most sensitive sectors of economy. In particular, within the EAEU the common markets of oil, of petroleum products and gas will start their activity by 2025, the common market of electricity — by 2019, drugs and medicine devices — by 2017.
The Union bodies are the Supreme Eurasian Economic Council, the Eurasian Intergovernmental Council, the Eurasian Economic Commission (the Union’s permanent regulatory body) and the Court of the EAEU. The supranational body on regulation of financial markets (in Almaty) will be created by 2025. It will become a basic element in formation of common financial market of the EAEU.
The Treaty determined the competence, the formation and operation order of the EAEU, the Eurasian Intergovernmental Council, the EAEC and the Court of the EAEU. There are established principles: all important decisions are made by consensus and all the parties are represented equally in the management of permanent structures, starting from the level of Deputy Director of Department in the EAEC and the level of Deputy Head of the Secretariat in the Court.
Within its competence the Union has a right to perform international activities, aimed to solve the problems which the Union faces.
The Union membership is open for any state, which shares the goals and principles of the EEU, on the terms agreed by Member States. Also, any interested State is provided with the possibility to get an observer status within the Union.
On October 10, 2014, during the meeting of the SEAEC, in Minsk the Treaty on accession of the Republic of Armenia was signed to the Treaty on the EAEU (dated May 29, 2014). The above-mentioned Treaty became an act of international legal formalization of a new member accession to the Union on January 2, 2015.
During the SEAEC meeting in Moscow, the Heads of states signed The Treaty on accession of the Kyrgyz Republic to the Treaty on the EAEU. The above-mentioned Treaty became an act of international legal formalization of a new member accession to the Union on August 15, 2015.
The information on the institutional framework, the objectives, tasks and principles of functioning of the EAEU can be found here