The Federation Council ratified the Treaty on the Eurasian Economic Union

1st October 2014

The head of the upper house of Parliament Valentina MATVIENKO called it a historic event for the post-Soviet space

The Federation Council approved the Federal Law “On ratification of the Treaty on the Eurasian Economic Union”. “This is a truly historic event for the post-Soviet space", - said the chairman of the upper chamber, Valentina MATVIENKO.

“It is time to create a powerful economic union of Russia, Belarus and Kazakhstan. This integration association will be attractive to other nations, not only for the post-Soviet countries,” - she said.

Valentina MATVIENKO noted that the parliaments of Russia, Belarus and Kazakhstan synchronized process of ratification of the Treaty: “Thus, we create the legal framework, the basis for its entry into force on January 1, 2015”.

The first Deputy Chairman of the Federation Council Committee on Foreign Affairs Vladimir DZHABAROV introduced the law to the colleagues. The senator stressed that the Treaty lays the foundation for the future effective cooperation between the countries with inseparable cultural, historical and economic ties.

“In accordance with the Treaty, the main objectives of the Union are the formation of a single market for goods, services, capital and labor, the creation of conditions for sustainable development and improvement of the competitiveness of the economies of the states - members of the Union in order to improve the living standards of their population, carry out comprehensive modernization and cooperation”, - DZHABAROV said.

The Treaty are defines bodies of the Union: Supreme Eurasian Economic Council consisting of of the Heads of states, Eurasian Intergovernmental Council consisting of the Heads of Governments, the Eurasian Economic Commission - a permanent economic body of the Union, the Court of the Eurasian Economic Union, - said the parliamentarian.

“The implementation of the Treaty will help to ensure closer and more coherent economic cooperation between the parties in order to create a major center of economic development in the territory with rich natural resources and large-scale trade flows”, - said the parliamentarian.

“Questions of labor migration are brought to the new whole level. Citizens of the countries - members of the Union can take both employment agreement and civil-law contract. The treaty provides for greater social protection of workers, addressing social and health insurance, mutual recognition of diplomas,”- said DZHABAROV.

The Treaty stipulates that the states - members of the Union after the completion of the legislation harmonization in the field of financial markets will decide on the powers and functions of a supranational authority to regulate this activity and establish it with the location in the city of Almaty in 2025.




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