Eurasian Economic Union
The Eurasian Economic Union (EAEU) is an international organization of regional economic integration with international legal personality.
The Agreement on the Eurasian Economic Union was signed by the presidents of the Republic of Belarus, the Republic of Kazakhstan and the Russian Federation on May 29, 2014. This Agreement came into force on January 1, 2015.
The Union membership is open for any state, which shares the goals and principles of the EAEU, on the terms agreed by Member States. The Republic of Armenia became a member of the Union on January 2, 2015, and the Kyrgyz Republic on August 12, 2015.
Any interested state is provided with the possibility to get an observer status. On May 14, 2018 the status of an observer state in the EAEU was granted to the Republic of Moldova.
The Agreement on the EAEU defines the competence, the procedure for formation and operation of the bodies of the Union, which 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.
There are established principles: all important decisions are made by consensus and all the parties are represented equally in the management of permanent structures.
The EAEU has basically formed the unified policies in the field of foreign trade regulation, technical regulation and compliance of the unified competition rules in cross-border markets. On January 1, 2018 the EAEU Customs Code entered into force. A single market for medicines and medical devices began to function. Mutual trade in services in a significant number of sectors has been liberalized.
The Program of forming the EAEU common markets of oil and of petroleum products and the Program of forming the EAEU common market of gas were adopted by the Decisions of the Supreme Eurasian Economic Council on December 6, 2018. On October 1, 2019 the Supreme Council approved the Concept for the Formation of the EAEU Common Financial Market.
The Heads of States have approved the Priority Directions for implementation of the Digital Agenda of the EAEU for the period till the year of 2025.
The sides also plan to formulate common policies in the field of industry, agriculture, energy, transport, etc. by the year 2025.
On December 20, 2019 the Agreement of pension provision for workers of the member states of the EAEU was signed. The agreement is aimed to provide citizens of the EAEU member states with the opportunity to form pension rights for working periods in the EAEU member states and to realize them later, while living in the territory of any EAEU member state.
Within its' competence the Union has a right to perform international activities, aimed to solve the problems which the Union faces.
The Free trade agreement between the EAEU and Vietnam is in effect since October 1, 2016. The Agreement on trade and economic cooperation between the EAEU and China and the Interim Agreement to establish a free trade zone between the Union and Iran signed in 2018 (entered into force in 2019). On October 1, 2019 first agreements from the comprehensive trade deal package between the EAEU countries and Singapore were signed.
On October 25, 2019 the heads of states of EAEU signed the Free trade agreement with Serbia. Negotiations are underway to create free trade zones with Egypt, Israel and India.
In general more than 50 countries demonstrate interest in cooperation with the EAEU in different formats.
In 2020, the Republic of Belarus chaired in the EAEU bodies.
To learn more about the priorities of the Belarusian 2020 chairmanship click here
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