Belarus, Kazakhstan and Russia sign Eurasian Economic Union

 Astana, Kazkhstan: Belarus, Kazakhstan and Russia have sign Eurasian Economic Union which will come into effect on January 2015. The free trade zone will comprise over 170 million people and will cut down trade barriers between the member countries. Trade duties will be lifted on goods like gas, petroleum, and diamond export duties.
The idea of creating a regional trading bloc was first suggested by President Nursultan Nazabayev of Kazakhstan back in 1994. The Customs Union began on January 1, 2010, and started operating under a comprehensive customs code in July 2011. Commonwealth Independent States (CIS) like Armenia, Tajikistan, and Kyrgyzstan may be brought into the free trade zone later.
Kyrgyzstan plans to join the Customs Union by the end of 2014, Kyrgyz President Almazbek Atambayev said at the meeting.
A decision on Armenia’s membership will have to be made by July 14, Kazakhstan’s President Nursultan Nazabayev said.
The Agreement on the Eurasian Economic Union will come into force on the Customs Union territory on January 1, 2015. The 700-page treaty deepens the economic ties forged when the three countries created the Customs Union in 2010. It provides for the free movement of goods, services, capital and workforce within the bloc, and for coordinated policies in economic sectors.