Eurasian Economic Union
Eurasian Economic Union
The Eurasian Economic Union (EAEU) is an international organization of regional economic integration that holds international legal personality and was established by the Treaty on the Eurasian Economic Union (hereinafter – EAEU Treaty), which was signed by Belarus, Kazakhstan, and Russia in Astana on May 29, 2014. EAEU commenced operation on January 1, 2015.
The main objectives of the EAEU include:
– to create conditions for stable economic development of the member States in order to improve the living standards of their population;
– the desire to create a common market for goods, services, capital and labor within the EAEU;
-comprehensive modernization, cooperation and competitiveness of national economies within the global economy.
Bodies of the EAEU include:
–Supreme Eurasian Economic Council – the supreme body of the EAEU that consists of the Heads of the member States;
–Eurasian Intergovernmental Council – the body of the EAEU that consists of the Heads of the Governments of the member States;
–Eurasian Economic Commission – regulatory body of the EAEU;
–Court of the Eurasian Economic Union – judicial body of the EAEU that ensures uniform application of the EAEU Treaty.