Armenia Joins Eurasian Economic Union

MINSK — Armenian joined the Treaty on the Eurasian Economic Union Friday. The corresponding agreement was signed upon the conclusion of the sitting of the Supreme Eurasian Economic Council on Minsk, RIA Novosti reports.

Russia, Belarus and Kazakhstan signed the treaty in May and have already ratified the document, which is expected to come into force in 2015.

Speaking at the sitting of the Supreme Eurasian Economic Council, Armenian President Serzh Sarkisian voiced confidence that the signing of the document would mark the start of a new phase of integration on the Eurasian space.

“We are aware of the special responsibility we have assumed by being the first to join the Treaty. I’m confident that through joint effort we’ll be able to effectively implement the process of Armenia’s accession by minimizing the risks and maximizing the common interests,” the President said.

“The negotiations were not easy, but due to political will, professional approach and willingness to search for best decisions we managed to do that in a short period of time and take into consideration the interests of all parties involved,” the President said.

He expressed gratitude to all participants of the process, first of all the heads of state, all officials and experts for the huge work done.

President Sarkisian said Armenia’s decision to join the Eurasian integration process derives from the fact that we see the Eurasian Economic Union as a main format for the development of predictable and maximally beneficial cooperation between our states.

The union is aimed at increasing economic cooperation among its member countries. Under the treaty, member countries agree to guarantee the free flow of goods, services, capital and labor, and to implement a coordinated policy in the energy, industrial, agricultural and transport sectors.