Putin signs law on ratifying EEU treaty

Moscow:Russian President Vladimir Putin said Friday that he had signed a law on ratifying a treaty creating the Eurasian Economic Union.

“I have signed a federal law on ratification of the Eurasian Economic Union treaty,” the president said.

“This is a major milestone in our joint work on integration with our closest partners and allies,” he added.

“I remember how we started this work,” Putin stressed.

First Deputy Prime Minister Igor Shuvalov, who also had worked on the project noted that Russia has completed its part of the ratification procedure.

The move follows lower house ratification Sep 26 and the upper house ratification Oct 1.

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 Jan 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 Astana May 29.

The agreement is the basic document defining the accords between Russia, Belarus and Kazakhstan for the free movement of goods, services, capital and workforce and conducting coordinated, agreed or common policies in key sectors of the economy, such as energy, industry, agriculture and transport.

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