Obstacles to EaEU lifted

The unresolved tax manoeuvre of Russia in the oil sector and its impact on the Belarusian budget was the main obstacle in ratifying the Minsk Eurasian Economic Union Treaty until yesterday. Moscow and Minsk came up with a mechanism to compensate Belarus’ losses at a meeting of Prime Ministers Dmitry Medvedev and Mikhail Myasnikovich in Minsk yesterday. Russian Vice Prime Minister Arkady Dvorkovich said: “An agreement on the order of customs duties for oil products made in Belarus in 2015 within the framework of agreements on EaEU formation was reached. The agreements take into account earlier deals on volumes of oil and oil product shipments, losses of the budget of Republic Belarus from the “big tax manoeuvre.” Belarus obtained the right keep $1.5 billion of export fees for oil products from Russian oil in 2015, and now, starting on January 1, 2015, the EaEU will need to start working.

The Eurasian Economic Community (EurAsEC) was founded on October 10, 2000, but it was hard to imagine back then that the Customs Union would be launched soon afterwards and deeper economic integration would start.

Tair Mansurov, the director general of the Eurasian Economic Community, recalls that Kazakhstani President Nursultan Nazarbayev talked about consolidation of post-Soviet economies for more effective development of each country in 1994. On May 29, 2014, the treaty on formation of the Eurasian Economic Union was signed, it will come into force on January 1, 2015. The first step towards the Union was made on October 10, 2000, when formation of the Eurasian Economic Community was declared. It was formed by Russia, Kazakhstan, Belarus, Kyrgyzstan and Tajikistan. Ukraine, Moldova and Armenia became EurAsEC observers. According to Mansurov, economic integration starts with formation of a free trade zone which would increase trade turnover from $29 billion to $132 billion. In October 2007, the action plan for formation of the Customs Union was adopted, its realization started in 2010. It needs a common customs tariff for over 13,000 types of goods on the territory of the Customs Union. Only Russia, Kazakhstan and Belarus were ready for such a plan.

According to Tair Mansurov, common regulators of financial and oil markets on the Eurasian space should appear by 2024. One of the main goals today is to prepare the countries willing to join the Eurasian Economic Union so that theyarer ready to adopt the laws of the integration mechanism without any waivers.

“The formation of the economic community, the formation of the Customs Union is a consolidation of the economies of the post-Soviet period, allowing us to develop each country and develop all countries consolidated in the community. We are the pole that needs to resist global challenges in global conditions. The post-Soviet space, united by such good, sophisticated integration structures, allows us to do this,” said Mansurov.

Speaking about joining the EaEU, he reminded that the road map had been approved for Kyrgyzstan and Armenia. The latter is a little ahead. Armenia has already passed it through the parliament, the government is already finished with the documents. Armenia will probably present its documents in Minsk on October 10. Concerning Kyrgyzstan, it may actively work with the commission, each country… Anyone can file a bid and join, but it will certainly need a lot of work."

Fate of Armenia’s membership will be decided in Minsk on October 10The unresolved tax manoeuvre of Russia in the oil sector and its impact on the Belarusian budget was the main obstacle in ratifying the Minsk Eurasian Economic Union Treaty until yesterday. Moscow and Minsk came up with a mechanism to compensate Belarus’ losses at a meeting of Prime Ministers Dmitry Medvedev and Mikhail Myasnikovich in Minsk yesterday. Russian Vice Prime Minister Arkady Dvorkovich said: “An agreement on the order of customs duties for oil products made in Belarus in 2015 within the framework of agreements on EaEU formation was reached. The agreements take into account earlier deals on volumes of oil and oil product shipments, losses of the budget of Republic Belarus from the “big tax manoeuvre.” Belarus obtained the right keep $1.5 billion of export fees for oil products from Russian oil in 2015, and now, starting on January 1, 2015, the EaEU will need to start working.The Eurasian Economic Community (EurAsEC) was founded on October 10, 2000, but it was hard to imagine back then that the Customs Union would be launched soon afterwards and deeper economic integration would start.Tair Mansurov, the director general of the Eurasian Economic Community, recalls that Kazakhstani President Nursultan Nazarbayev talked about consolidation of post-Soviet economies for more effective development of each country in 1994. On May 29, 2014, the treaty on formation of the Eurasian Economic Union was signed, it will come into force on January 1, 2015. The first step towards the Union was made on October 10, 2000, when formation of the Eurasian Economic Community was declared. It was formed by Russia, Kazakhstan, Belarus, Kyrgyzstan and Tajikistan. Ukraine, Moldova and Armenia became EurAsEC observers. According to Mansurov, economic integration starts with formation of a free trade zone which would increase trade turnover from $29 billion to $132 billion. In October 2007, the action plan for formation of the Customs Union was adopted, its realization started in 2010. It needs a common customs tariff for over 13,000 types of goods on the territory of the Customs Union. Only Russia, Kazakhstan and Belarus were ready for such a plan.According to Tair Mansurov, common regulators of financial and oil markets on the Eurasian space should appear by 2024. One of the main goals today is to prepare the countries willing to join the Eurasian Economic Union so that theyarer ready to adopt the laws of the integration mechanism without any waivers.“The formation of the economic community, the formation of the Customs Union is a consolidation of the economies of the post-Soviet period, allowing us to develop each country and develop all countries consolidated in the community. We are the pole that needs to resist global challenges in global conditions. The post-Soviet space, united by such good, sophisticated integration structures, allows us to do this,” said Mansurov.Speaking about joining the EaEU, he reminded that the road map had been approved for Kyrgyzstan and Armenia. The latter is a little ahead. Armenia has already passed it through the parliament, the government is already finished with the documents. Armenia will probably present its documents in Minsk on October 10. Concerning Kyrgyzstan, it may actively work with the commission, each country… Anyone can file a bid and join, but it will certainly need a lot of wor