Belarusian MPs ratified theTreaty on the Eurasian Economic Union (EEU).
The document was presented by Siarhei Rumas, Belarus’ representative in the Council of the Eurasian Economic Commission, and by Mikalai Samaseyka, Chairman of the permanent commission for international affairs of the House of Representatives. Siarhei Rumas noted that the treaty formalizes the international legal capacity and competence of the economic union of Belarus, Russia and Kazakhstan.
The document is divided into four parts. It has been prepared by means of codification of the treaties constituting the legal framework of the Customs Union and the Single Economic Space and some provisions of the legal framework of the Eurasian Economic Community.
The treaty provides for three-level system of the EEU bodies which includes the Supreme Eurasian Economic Council, the Eurasian Intergovernmental Council, and the Eurasian Economic Commission. The document formalizes the principles of the functioning of the Customs Union, circulation of medicines and medical devices, customs regulation, foreign trade policy, technical regulation, sanitary, veterinary-sanitary and quarantine and phytosanitary measures, consumer protection, the objectives and principles of the common trade policy of the union.
The treaty regulates the issues that were previously part of the legal framework of the Single Economic Space and also includes the issues in the areas of macroeconomic policy, monetary policy, trade in services, investment, financial markets, taxation, competition, natural monopolies, energy, transport, government procurement, intellectual property, industry, agricultural industry, labor migration.
The upper house of the Belarusian Parliament is expected to consider the ratification of the Eurasian Economic Union Treaty on Thursday. Then the document is to be sent to the President for signing, which will be the final step in the process of ratification on behalf of Belarus.
The Eurasian Economic Union Treaty was signed by Presidents of Belarus, Russia and Kazakhstan on 29 May 2014 in Astana. The text includes about 700 pages.