The presidents of Russia, Belarus and Kazakhstan have signed a deal to create a vast trading bloc, hoping that it will challenge the economic might of rival economic zones such as the US and the EU.
Russian President Vladimir Putin hailed its “epoch-making significance” as the trio met for the signing of the treaty in the Kazakh capital, Astana.
He has also said that the formation of the bloc did not mean that Russia was trying to rebuild the Soviet Union.
The treaty forging the Eurasian Economic Union will come into force in January once it has passed the formality of being approved by the three former Soviet republics’ parliaments.
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More: Armenia to join Eurasian Economic Union by June 15
Armenia is going to sign an agreement establishing the Eurasian Economic Union by June 15th, the country's President Sersh Sargsyan says. According to the director of the Eurasian Communication Centre, Alexey Pilko, Sargsyan's promise seems quite realistic.
"I think is it possible. I believe that Armenia may become a member of the Eurasian Economic Union this year. This decision has already been made," the expert told Vestnik Kavkaza in an interview.
Director of the Caucasus Institute Alexander Iskanderyan believes that the Eurasian Economic Union project is a logical continuation of Eurasian integration and a result of establishing the Customs Union of Russia, Kazakhstan and Belarus.
Still there is a lot to be done, a lot of technical work, the expert believes.
More: Possible currency union within Eurasian Economic Union to be considered in future
The issue of creating a currency union on the basis of the Eurasian Economic Union may be considered in the future, Russian First Deputy Prime Minister Igor Shuvalov said on Thursday."
Sometime in future, we will have to look seriously at creating a financial union, or maybe even a currency union," he said. "So far, this issue is outside the current agenda.
"The Eurasian Economic Union Treaty was signed by the leaders of Russia, Belarus and Kazakhstan on Thursday, May 29, 2014.
