Formation of Eurasian Economic Commission ratified

The Federation Council has ratified the deal on formation of the Eurasian Economic Commission, a supranational structure for the integration processes of Russia, Belarus and Kazakhstan, which will replace the Customs Union on July 1, 2012, RIA Novosti reports.

Formation of the commission was signed in Moscow on November 18, the State Duma ratified it on November 22.

The commission will start work on January 1, 2012. Most of its functions will be launched on July 1. It will coordinate integration processes within the format of the Customs Union and the Single Economic Space.
The commission will consist of one vice-premier from the three states. It will have departments for monitoring of structures and consultations. The vice-premiers will be supervised by Russian Commerce Minister Victor Christenko, Kazakh President Nursultan Nazarbayev said after a meeting with leaders of Russia and Belarus on November 18.

The Single Economic Space will start operation on January 1, 2012.