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EurAsEC termination agreement signed in Minsk

12 october 2014, 13:47
Photo courtesy of Akorda
Photo courtesy of Akorda

An agreement on termination of the Eurasian Economic Union (EurAsEC) has been signed by the interstate council in Minsk on October 10, Tengrinews reports citing the press office of Akorda.

Summing up the EurAsEC work, President of Kazakhstan Nursultan Nazarbayev noted that out of 151 agreements signed in the organization, 87 would remain in force. Only Kazakhstan, Russia and Belarus, according to Nazarbayev, entered the Customs Union and Common Economic Space. The President reminded of the difficulties EurAsEC faced in terms of funding. In recent years, only Kazakhstan and Russia had been paying the dues.

Amid the financial and a number of other issues, the President of Kazakhstan and other presidents agreed to terminate the EurAsEC. In conclusion, the presidents thanked to the organisation's staff for their work.

EurAsEC was established in 2001 to promote creation of the Customs Union and Common Economic Space. In addition, the organization aimed to strengthen integration of its members in economic and humanitarian areas. The EurAsEC member states were Kazakhstan, Russia, Belarus, Kyrgyzstan and Tajikistan, while Ukraine, Armenia and Moldova were observers.

By Gyuzel Kamalova

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