Russian President Vladimir Putin has put his signature to a law that makes Armenia a full member of the Eurasian Economic Union (EEU) from January 2, 2015.
The document signed Tuesday will add the 3 million people in Armenia to the 170 million consumers in Russia, Belarus and Kazakhstan.
The agreement stipulates that Armenia joins the Treaty of the EEU, as well as other international agreements signed under the framework of the Customs Union. It means Armenia will have to revise its tariff commitments as a member of the WTO. The Common Customs Tariff (CCT) of the EEU will be revised as well.
The treaty stipulates transitional periods from one year to eight years for aligning Armenia’s import duties according to the CCT. Applying the technical regulations of the Customs Union will take from 12 to 60 months; three years will be given for revising the issues of intellectual property protection.
In October this year leaders of Russia, Kazakhstan, Belarus and Armenia signed a treaty that will make Erevan a new member of the Eurasian Economic Union.
On top of this, the Presidents of Russia, Kazakhstan and Belarus signed the treaty for Kyrgyzstan’s accession into the Eurasian Economic Union. The country is now making serious efforts to adapt its national legislation to the requirements of the Customs Union, said President Putin at the EEU summit in Moscow.