The EUU Expands

Posted on: 11/05/2015

On Friday 8th May 2015 Kyrgyzstan became the 5th member of the Eurasian Economic Union (EEU) led by Russia.  It was on the 2nd January 2015 that the Eurasian Economic Union (EAEU) was created.  It replaced the Eurasian Economic Community (EAEC) and all members of the EAEC are now members of the EAEU. In 2015 the Eurasian Economic Commission (EEC) announced the preparation of a new Customs Code for the EAEU, which is intended to come into force in early 2016.  The member countries are Armenia (2nd January 2015), Belarus, Kazakhstan, Kyrgyz Republic and Russia.  It is intended that further CIS members will join the EAEU in the future.  Moreover, these countries have signed bilateral free trade agreements with the CIS member states except Turkmenistan and Uzbekistan.

Kyrgyzstan is one of the poorest countries in Central Asia, with a per capita GDP of under $1,300 in 2013, according to the World Bank.  The management of Kyrgyzstan has sought support from Russia and Kazakhstan during the Customs union accession for laboratory management, and increase border security, at the tune of $300 million. Russia and Kazakhstan had promised to give financial support.  Kyrgyzstan will receive 1.9% of the tax from the Eurasian Economic Union and will receive 3 seats in the administration of the union

 

 

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