Kazakhstan parliament ratifies Eurasian Economic Union Treaty

Kazakhstan’s upper house of parliament, the Senate, on Thursday adopted the law on ratifying the treaty on the Eurasian Economic Union, ITAR-TASS reported.

The document is to be later signed by President Nursultan Nazarbayev.

“The Eurasian Economic Union is a vital project that envisages cooperation between three major states and implies creating new jobs, promoting integration and assistance towards raising investment,” said Kassym-Jomart Tokayev, who chairs the Senate.

Tokayev stressed that the most important is that the Eurasian Economic Union Treaty’s fulfillment “contributes to increasing prosperity of the citizens, the population of the three states.”

The Eurasian Economic Union, which envisages free movement of goods, services, capital and workforce and is based on the Customs Union of Russia, Belarus and Kazakhstan, will become operational from January 1, 2015.

The treaty to create the union was signed by presidents of Russia, Kazakhstan and Belarus Vladimir Putin, Nursultan Nazarbayev and Alexander Lukashenko in Kazakhstan’s capital Astana on May 29.