Armenia Becomes Full Member of Eurasian Economic Union

YEREVAN — Armenia officially joined the Eurasian Economic Union (EEU) on Friday January 2nd, that also comprises Russia, Belarus and Kazakhstan.

As part of a deal signed last October, Armenia will have limited representation in the organization until the end of 2015. Three Armenian members will share one vote in the union’s governing body, the Eurasian Economic Commission, TASS news agency reported Friday.

Kyrgyzstan is also set to join the union on May 1.

Armenia’s entry into the EEU means it will have to gradually transition to a unified tariff system with the union’s other members, with 2022 set as the deadline for the full transition, TASS reported.

In addition Armenia will use zero customs rates for gasoline till 2018.

The country will have to negotiate with the World Trade Organization, of which it is a member, on its changing obligations in light of its new membership with the economic bloc of former Soviet republics.