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Kazakhstan has ratified the Agreement on the Eurasian Economic Commission

On January 10, 2012 President of Kazakhstan has ratified the Law on the ratification of the Agreement “On Ratification of the Eurasian Economic Commission”.

In addition, Eurasian Commission will regulate the integration processes in the Customs Union and Common Economic Space. It will include 800 representatives from Russia, Belarus and Kazakhstan. The commission will have the right to make decisions that will be mandatory for all three countries. The new Body will completely replace the Customs Union Commission starting July 1, 2012. 

Starting January 1 of this year Common Economic Space of Russia, Kazakhstan and Belarus has been launched. From this date all restrictions and barriers to mutual trade between CU member states are removed, as a unified customs tariff is introduced. 

On January 10, 2012 Kazakh President Nursultan Nazarbayev has signed the Law “On Ratification of the Eurasian Economic Commission”, the presidential press service informs.

The text of the Act is being published now.

The Eurasian Economic Commission is the supranational body of the Customs Union of Russia, Kazakhstan and Belarus and the Common Economic Space of these countries.

The agreement on the commission establishment was signed by the presidents of Russia, Belarus and Kazakhstan in Moscow on November 18, 2011.

The Sides shall establish the Eurasian Economic Commission (hereinafter - Commission) as a single permanent regulatory authority of the Customs Union and Common Economic Space.

The main task of the Commission is to provide the operation and development of the Customs Union and Common Economic Space, as well as development of proposals in the field of economic integration within the Customs Union and Common Economic Space.

Source: www.zakon.kz
Translated by: usapeec.kz

Date: 11 January 2012