A founding treaty of the Eurasian Economic Union (EEU) will be drawn up by May 1, 2014, Russian President Vladimir Putin said.
He said the document would be submitted to the parliaments of the union member states for ratification and “the union would begin its full-value operation on January 1, 2015.”
According to Putin, the institutional part of the treaty had practically been approved.
“For instance, keynote principles of the union’s operation have been laid down – mutually advantageous cooperation aimed at the rapprochement and harmonious development of our economies and higher levels of competitiveness,” Putin said at the expanded session of the Supreme Eurasian Economic Council.
The functional and sectoral aspects of the treaty will be coordinated at the next stage, he said, adding that the text would be prepared for signing by May 1, 2014.
The sectoral part of the treaty must contain concrete commitments of the unified economic policy, the Russian leader said.
“It is necessary to complete the codification of all agreements and legal documents of the Customs Union and the Common Economic Space, to do away with the remaining exceptions from the common trade and investment regime and to ensure the free movement of foods, services, capital and labor force,” he said.
An integrated information system will be created for improving domestic and mutual trade data exchange, Putin said.
A number of new solutions have been suggested for harmonization of antimonopoly laws. For instance, the Eurasian Economic Commission will have the right to control the compliance with unified competition rules. A special body will be established at the EurAsEC court for considering possible violations of these regulations.
