Your trusted source

Russia’s parliamentary upper house, the Federation Council, has ratified a treaty for Armenia’s accession to the Eurasian Economic Union on Wednesday, TASS reported.

The accord was signed at a meeting of the Supreme Eurasian Economic Union by the presidents of Russia, Belarus, Kazakhstan and Armenia in Minsk on October 10. The deal is a basic document determining agreements between Russia, Belarus and Kazakhstan on the terms of Armenia’s joining the Eurasian Economic Union seeking to lay a legal basis for functioning of the common Union.

The accord plans Armenia to become a full-fledged member of the Eurasian Economic Union from the moment the treaty takes effect, so, after all ratification procedures are complete in the union members, but no earlier than on January 1, 2015. In particular, during the transitional period Armenia as a member of the World Trade Organisation (WTO) should revise its tariff liabilities under the WTO rules.

Russia, Belarus and Kazakhstan have signed a treaty founding the Eurasian Economic Union in Kazakhstan’s capital Astana on May 29, 2014 which will take effect on January 1, 2015. On October 10, Armenia inked the deal and Kyrgyzstan plans to become its next signatory nation. Parliaments of Belarus and Kazakhstan should ratify the treaty on Armenia’s entry in the Eurasian Economic Union by January 1, 2015.