Russia expects to create Eurasian Economic Union by 2015

Russia intends to intensify economic integration in the post-Soviet space and expects the Eurasian Economic Union with Belarus and Kazakhstan to come into existence by 2015, President Dmitry Medvedev on Thursday. “As for economic integration, we are going to proceed further. From January 1, 2012, a common economic space between Russia, Belarus and Kazakhstan will come on steam and a free flow of services, capital and workforce will be added to the free movement of goods,” Medvedev said in his state of the nation address to both houses of parliament In November, the Russian, Belarusian and Kazakh presidents signed a declaration on Eurasian economic integration, a roadmap of integration processes aimed at creating the Eurasian Economic Union, which will be based on the Customs Union and common economic space among the three countries. At their summit on Monday, the three leaders signed an agreement on the Eurasian Economic Commission, a new supranational body to manage economic integration of the three former Soviet republics.