The ratification of the Eurasian Economic Union Treaty creates the possibility for further establishment of a single currency union between Belarus, Russia and Kazakhstan, Chairman of the Eurasian Commission Viktor Khristenko said on Friday.
“This is the next phase of economic integration which is not envisaged by the treaty,” Khristenko said.
The landmark treaty, which lays the foundation for creating the ambitious regional integration project seen to deal a serious blow to the West’s plans to preserve the unipolar world, was ratified by Russia’s lower house of parliament, the State Duma, earlier on Friday.
The document for the first time foresees the path for establishing “single financial markets and markets of financial services in all the directions” and also says that the single financial regulator could appear on the territory of the Union in 2025.
“Such systematic unification is an absolutely essential element to create both the system of confidence and in fact discuss the issue of the further integration phase, the possibility of creating the currencies union,” Khristenko said.
Eurasian Economic Union Treaty
The Eurasian Economic Union Treaty was signed by the presidents of Russia, Kazakhstan and Belarus on May 29, 2014. The treaty establishes the Eurasian Economic Union, which ensures free movement of goods, services, capital and labor force and binds its member states to conduct coordinated or common policy in economic sectors.
The implementation of the Treaty will require extra budgetary spending. It is planned to allocate funds for these purposes in the Russian federal budget for 2015 and for a later period of 2016 and 2017.
The Eurasian Economic Union Treaty is to come into force from January 1, 2015.