Belarus’ senators approve ratification of agreement on Armenia’s accession to EEU

The Council of the Republic of the National Assembly of Belarus approved the ratification of the agreement on Armenia’s accession to the Eurasian Economic Union (EEU) at a session on 19 December, BelTA reports.

Several hours earlier, the document was ratified by the House of Representatives.

Presenting the document First Deputy Foreign Minister of Belarus Alexander Mikhnevich noted that Armenia’s accession to the EEU will contribute greatly to the Union’s image and will help expand trade and economic cooperation. “Our bilateral trade is not that big yet – about $40 million, however we plan to double it or even increase it up to $100 million next year,” he said.

The agreement was signed in Minsk by the Presidents of Belarus, Russia, Kazakhstan and Armenia on 10 October 2014. In line with the treaty, Armenia will join the agreements that are aimed to secure four freedoms: the freedom of movement of goods, capital, services and workforce. The three countries agreed to a transition period for Armenia during which the Armenian goods will be subject to certain import duties. Their rates will differ from the common customs tariff in the EEU.

The Council of the Republic has also approved the ratification of the agreement on the termination of the EurAsEC.

The Eurasian Economic Union will become operational on 1 January 2015. The Eurasian Economic Union Treaty will come into force after the exchange of the instruments of ratification by the member states.