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9 Oct 2014

Belarusian MPs ratify EEU Treaty

MINSK, 9 October (BelTA) - Belarusian MPs ratified the Treaty on the Eurasian Economic Union (EEU), BelTA has learned.

In the Oval Hall of the Government House the document was presented by Sergei Rumas, a member of the Presidium of the Council of Ministers of Belarus, Belarus’ representative in the Council of the Eurasian Economic Commission, and by Nikolai Samoseiko, the chairman of the permanent commission for international affairs of the House of Representatives. Sergei Rumas noted that the treaty formalizes the international legal capacity and competence of the economic union of Belarus, Russia and Kazakhstan.

The document is divided into four parts. It has been prepared by means of codification of the treaties constituting the legal framework of the Customs Union and the Single Economic Space and some provisions of the legal framework of the Eurasian Economic Community.

The treaty provides for three-level system of the EEU bodies which includes the Supreme Eurasian Economic Council, the Eurasian Intergovernmental Council, and the Eurasian Economic Commission. The document formalizes the principles of the functioning of the Customs Union, circulation of medicines and medical devices, customs regulation, foreign trade policy, technical regulation, sanitary, veterinary-sanitary and quarantine and phytosanitary measures, consumer protection, the objectives and principles of the common trade policy of the union.

The treaty regulates the issues that were previously part of the legal framework of the Single Economic Space and also includes the issues in the areas of macroeconomic policy, monetary policy, trade in services, investment, financial markets, taxation, competition, natural monopolies, energy, transport, government procurement, intellectual property, industry, agricultural industry, labor migration.

The upper house of the Belarusian Parliament is expected to consider the ratification of the Eurasian Economic Union Treaty on 9 October. Then the document shall be sent to the President for signing, which will be the final step in the process of ratification on behalf of Belarus.

The Eurasian Economic Union Treaty has already been ratified by the Russian Parliament. The relevant law has been signed by Russian President Vladimir Putin. The document has been also ratified by one more partner to the Customs Union - Kazakhstan.

The document will enter into force when the parties exchange the instruments of ratification. The economic union is expected to become operational on 1 January 2015.

The Eurasian Economic Union Treaty was signed by Presidents of Belarus, Russia and Kazakhstan on 29 May 2014 in Astana. The text includes about 700 pages.

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