The creation of the Common
Economic Space (CES) has begun. On November 18,2011 the presidents of Russia, Belarus and Kazakhstan signed an agreement for the
establishment of a central integration body for the three countries, the
Eurasian Economic Commission (EEC).
·
The EEC will replace the Customs Union Commission, which will cease to exist on July 1,
2012, and will be a supranational body for governing the integration effort.
The commission is due to start work on January 1, 2012.
·
The structure of the EEC is similar to the
European Union, with its European Council and European Commission. The EEC will
have two tiers. The upper tier, its council, will include the deputy prime
ministers of the three countries, with First Deputy Prime Minister Igor
Shuvalov representing Russia.
·
The
lower level, the board, will be the EEC’s main working body, with
decision-making powers over customs duties as well as sanitary, veterinary, and
immigration control. It will also oversee the allocation of industrial and
agricultural subsidies. Viktor
Khristenko, Russia’s industry minister, is the appointed head of the EEC.
·
the EEU will avoid the problems of the
eurozone because its members, “starting out from a more or less level economic
playing field”, share common history and have rapidly growing economies –
meaning they are less likely to become a fragmented conglomerate.
Nursultan
Nazarbayev, the Kazakhstan president, said “the
union of three” will become “the most powerful” alliance, with “the
combined GDP of the three countries approaching
$2trn.”
Alexander Lukashenko,
the Belarus president, Political analyst Sergei Markov said: “The signing is a
very important step forward and an extraordinary success.” He believes it is
part of a new trend towards integration, which is important in light of the
threat of a new economic crisis, as it will help all three countries greatly
reduce its possible impact.
“
This autumn, ZAO Atomstroyexport (SC Rosatom)
and SA Nuclear Power Plant Construction Directorate (Belarus) signed a contractual
agreement to build Belarus’s first nuclear power plant
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