Kazakh Senate ratifies the Treaty on Eurasian Economic Union

Kazakhstan’s upper house of parliament, the Senate, on Thursday ratified the treaty on the Eurasian Economic Union, ITAR-TASS reports.

The document is to be later signed by President Nursultan Nazarbayev.

“The Eurasian Economic Union is a vital project that envisages cooperation between three major states and implies creating new jobs, promoting integration and assistance towards raising investment,” said Kassym-Jomart Tokayev, who chairs the Senate.

Tokayev stressed that the most important is that the Eurasian Economic Union Treaty’s fulfillment “contributes to increasing prosperity of the citizens, the population of the three states.”

Minister of National Economy of Kazakhstan Yerbolat Dosayev said the treaty is based on the agreements reached between Kazakhstan, Russia and Belarus in the framework of the Customs Union and the Common Economic Space.

By 2025, in the framework of the Eurasian Economic Union, Russia, Belarus and Kazakhstan will open common oil and gas markets, to be free of export customs duties and restrictions in mutual trade.

The partner-countries have also agreed by that period to allow equal access of companies to the gas pipeline infrastructure, first of all, that of Russia, the Kazakh minister said.

The Eurasian Economic Union, which envisages free movement of goods, services, capital and workforce and is based on the Customs Union of Russia, Belarus and Kazakhstan, will become operational from January 1, 2015.

The treaty to create the union was signed by presidents of Russia, Kazakhstan and Belarus Vladimir Putin, Nursultan Nazarbayev and Alexander Lukashenko in Kazakhstan’s capital Astana on May 29.

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