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You're reading: Putin: Eurasian Economic Union treaty to be ready for signing by May 2014
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“We have instructed the governments of the three countries [Russia, Belarus and Kazakhstan] to step up work so that the governments approve this plan by May 1 and the draft treaty is submitted for signature by May 2014, so that [the Eurasian Economic Union] is effective from January 1, 2015,” Putin told reporters after a meeting of the Supreme Eurasian Economic Council in Moscow on Wednesday.

In comments on the Customs Union, Putin said trade between its member countries – Russia, Belarus and Kazakhstan – had grown 10% since the Union came into being while Russia’s trade with the rest of the world had gone up only 4.7%.

He added that machinery and industrial equipment account for one-fifth of the volume of trade within the Customs Union whereas in Russia’s trade with the rest of the world they only make up 2%.

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