The foundations of a common economic zone uniting 170 million people were laid.
Presidents of Russia, Belarus and Kazakhstan have signed a contract for the creation of the Eurasian Union (EAU). The newly formed union is meant to start functioning from January 1st 2015. The union will lead to a higher level of integration between the three countries. The contract guarantees the free movement of goods, services, capitals and work force as well as the implementation of coordinated policies in key sectors such as energetics, industry, agriculture and transportation.
The contract was signed in Astana, Kazakhstan during a meeting of the Great Eurasian Economic Council established by several ex Soviet countries in 1990.
Other countries will join the first three which formed the union. The President of Armenia has expressed hope that his country would become a member of EAU by June 2015. Kyrgyzstan is also expected to join the union. Russian president Vladimir Putin has stated that EAU will work observing universal and transparent principles including such applied by the World Trade Organization. The Russian president also stated that a powerful and attractive economic center had been created uniting more than 170 million people.