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Epoch-making deal signed by post-Soviet troika: Putin

30 may 2014, 14:51
Putin during the meeting of the Supreme Eurasian Economic Council. Photo courtesy of RIA Novosti.
Putin during the meeting of the Supreme Eurasian Economic Council. Photo courtesy of RIA Novosti.

Russia’s President has called the Eurasian Union Treaty a deal of “epoch-making significance”, Tengrinews reports.

“Our meeting today has a unique, epoch-making significance. Russia, Belarus and Kazakhstan are signing the Eurasian economic union Treaty. This document brings our countries to a completely new level of integration. To the fullest extent maintaining state sovereignty, we are ensuring a closer and more coherent economic cooperation,” he said after signing on May 29.

Speaking about competitiveness of the new “strong and attractive center economic development”, Putin stressed the importance of natural resources for the trio: one fifth of all the gas reserves and almost 15 percent of oil is concentrated in the Union. The geographical location is also of importance, since it allows for creation of “transport and logistics routes of not only regional but global importance”. Calling the three countries together a “troika”, Putin said that it the trio is has strong industry and developed infrastructure, powerful human, intellectual and cultural potentials.

Putin declared that the new Union will operate based on “universally transparent principles” that correspond with the WTO (World Trade Organization) standards.

Putin also thanked Kazakhstan’s president Nazarbayev for hosting the ceremony, which took place in Astana. He called the location symbolic, since it was Nazarbayev, who “voiced the idea for the first time in an address to Moscow State University in 1994”.

Reporting by Renat Tashkinbayev, writing by Dinara Urazova

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