About Eurasian Economic Union
The Supreme Council of the Eurasian Economic Union (EAEU) declared May 29 as the Day of the EAEU. This date was chosen as the basic document on creating the Union – the Treaty on the EAEU – was signed by the leaders of Belarus, Kazakhstan, and Russia on this day in 2014 and came into force on 1 January 2015.
Treaties aiming for Armenia’s and Kyrgyzstan’s accession to the EAEU were signed on 9 October and 23 December 2014, respectively. Armenia’s accession came into effect on 2 January 2015. Kyrgyzstan’s accession came into effect on 6 August 2015. Kyrgyzstan participated in the EAEU from the day of its establishment as an acceding state.
The EAEU has now an integrated single market of 183 million people and a gross domestic product of over $2.4 trillion. The EAEU encourages the free movement of goods and services, and provides for common policies in the macroeconomic sphere, transport, industry and agriculture, energy, foreign trade and investment, customs, technical regulation, competition, and antitrust regulation. Provisions for a single currency and greater integration are envisioned for the future.
The EAEU extends across much of northern Eurasia. Its member states cover an area of over 20,000,000 square kilometers, which is approximately 15% of the world’s land surface.
The Union is designed to reach a number of macroeconomic objectives such as reducing commodity prices by reducing the cost of transportation of raw materials, increasing return on new technologies and products due to the increased market volume, and promoting "healthy" competition in the common market. It is also designed to lower food prices, increase employment in industries and increase production capacity. EAEU members like Belarus and Kazakhstan (by its Nurly Zhol economic policy) seek to leverage the EAEU as a bridge between the European Union and the New Silk Road economic belt.
The EAEU is considered as a major player in the world’s energy sector, raw materials, arms industry and agricultural production.
