The Eurasian Economic Union is an international organization of regional economic integration. It has the international legal personality and was established by the Treaty on the Eurasian Economic Union signed on May 29, 2014 in Astana.

The Eurasian Economic Union is created on the basis of the Customs Union and the Common Economic Space of Belarus, Kazakhstan and Russia. The Customs Union has been launched since January 2010. A decision on entry into force of international agreements forming the Common Economic Space was made on December, 2011. This defined the usage of the Agreements forming the Common Economic Space since January 2012 to 2015 targeting the creation of the Eurasian Economic Union.

On September 3, 2013, the President of the Republic of Armenia Serzh Sargsyan has declared the decision of the Republic of Armenia to join the Customs Union, take necessary practical steps for this purpose and subsequently participate in the formation of the Eurasian Economic Union.

At the course of the Supreme session of the Eurasian Economic Board held on May 29, 2014, the presidents of the member states of the Customs Union and Common Economic Space signed a treaty of the Eurasian Economic Union, which entered into force from January 1, 2015. The agreement, due to which the Republic of Armenia joined the treaty on the Eurasian Economic Union was signed on October 10 and entered into force on January 2, 2015.

The Treaty on accession of the Kyrgyz Republic to EAEU has been signed on December 23, 2014 in Moscow (Kyrgyzstan is an EAEU member since August 12, 2015).

The EAEU provides free movement of goods, services, capital and labor, pursues coordinated, harmonized and single policy in the economic sectors determined by the Treaty and international treaties within the EAEU.

The main goals of the EAEU are:

- to create the conditions for sustainable economic development of the member countries to improve the living standards of population;

- to form the common market of goods, services, capital and labor;

- to promote the comprehensive modernization, cooperation and increase the competitiveness of the states.

The Treaty on EAEU defines the competence, the procedure for formation and operation of the bodies of the Union, which are the Supreme Eurasian Economic Council, the Eurasian Intergovernmental Council, the Eurasian Economic Commission (the Union’s permanent regulatory body) and the Court of the EAEU. There are established principles: all important decisions are made by consensus and all the parties are represented equally in the management of permanent structures.

The Supreme Eurasian Economic Council is the highest body of the Union, which consists of the heads of the Union’s member states. The regular meeting of the Supreme Eurasian Economic Council was held on May 25, 2023 in Moscow. The Prime Minister of the Republic of Armenia Nikol Pashinyan took part in activities of the session.

The Eurasian Intergovernmental Economic Council consists of the heads of governments of member states of the organization. The regular meeting of Intergovernmental economic union convened on November 16, 2016 in Moscow.

The Eurasian Economic Commission is the permanent supranational regulatory body of the union, which consists of the Council of the Commission and Board of the Commission.

The Council of the Commission consists of the deputy heads of governments of member states of the organization.

The main objectives of the Commission are providing conditions for the functioning and development of the union, as well as introducing offers in the sphere of economic integration within the framework of the union. The Eurasian Economic Commission is located in capital Moscow, the Russian Federation. The board of the Eurasian Economic Commission consists of 10 members (2 Members of Board (Ministers) of the Commission from each member country), one of whom is the Chairman of Board of the Commission.

The chairman of Board and its Members are appointed for a 4-year term by the decision of the Supreme Eurasian Economic Union. The board makes decisions by voting. The activity of Eurasian Economic Commission is structured in the functional directions, which are supervised by Members of Board (Ministers). Each direction represents the cluster from branches and spheres of economic activity.

Mikhail Myasnikovich (Republic of Belarus) holds the position of Chairman of Eurasian Economic Commission Board since February 2020.

Court of the union – the judicial authority of the Union providing implementation of the Treaty on EAEU and other international treaties within the Union by member states and bodies of the Union. The Court consists of two judges from each member state. A term of office for each judge is nine years. Judges are appointed by the Supreme Eurasian Economic Council upon the introduction of member states. The Court of the union is located in Minsk, Republic of Belarus.

Erna Hayriyan (Republic of Armenia) holds the position of Chairman of Court of the Eurasian Economic Union since Jenuary 2021.

Presidency in the Supreme Council, Intergovernmental Council and Council of the Commission (on the level of Deputy Prime Ministers) is realized on a rotational basis according to the Russian alphabet, by one-member state within one calendar year without the right of extension. The Russian Federation assumed presidency in EAEU in 2023.

According to the Treaty on EAEU, the union has the right to carry out international activity aimed at the solution of the objectives facing the union within the scope of its competence. The procedure of the international cooperation with the states, the international organizations and the international integration unions is approved by the Resolution of the Supreme Eurasian Economic Council of December 23, 2014.

The Free trade agreement between the EAEU and Vietnam is in effect since October 1, 2016. The Agreement on trade and economic cooperation between the EAEU and China and the Interim Agreement to establish a free trade zone between the Union and Iran were signed in 2018 (entered into force in 2019). On October 1, 2019 first agreements from the comprehensive trade deal package between the EAEU countries and Singapore were signed. On October 25, 2019 the heads of states of the EAEU signed the Free trade agreement with Serbia. Negotiations are underway to create free trade zones with Egypt, United Arab Emirates and Indonesia.

Moldova (since 24 May 2018), Uzbekistan and Cuba (since December 11 2020) have observer status at the Eurasian Economic Union.

The Common Economic Space allows member states to coordinate economic policy regarding key spheres. One of basic elements of formation of the Common Economic Space is functioning of domestic market, within which in mutual trading in goods member states don't apply the import and export customs duties, measures of non-tariff regulation, special protective, anti-dumping and compensating measures, except for the cases stipulated by the Treaty on EAEU.

The EAEU implements coordinated macroeconomic policy, the main directions of which are as follows - formation of the uniform principles of functioning of economies of the union’s member states, ensuring their efficient interaction and also designing general principles and reference points for forecasting social and economic development of the Parties.

The member states agreed upon implementation of the coordinated (coherent) transport policy. According to the Treaty, the international automobile transportations of loads, which are realized by the carriers registered on the territory of one of member states without permit requirements.

The Treaty has also laid the foundations for effective use of cumulative energy potential and optimization of interstate deliveries of energy resources.

For ensuring freedom of movement of labor, the Treaty on EAEU stipulates that the citizens of member states of EAEU wishing to work in any of the EAEU member states are not required to introduce such documents, as patents or work permits. Workers and members of their families are exempted from registration in law-enforcement bodies for the term of stay up to 30 days.

The income tax within the EAEU is paid at the resident rate. Recognition of the diplomas acquired in educational institutions of member states is realized automatically.

www.eaeunion.org is the official website of the EAEU.

Updated on 01.11.2023