Eurasian Economic Community
Since the disintegration of the Soviet Union in 1991, Russia has been scrambling on re-uniting economically and, to an extent, politically with its neighbors and former satellites. In October, 2000 Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation and the Republic of Tajikistan founded an international organization called Eurasian Economic Community, with the objective to ensure multilateral economic cooperation among its member states. The current abbreviation for it are EurAsEC, EAEC, and EAC. The latter is the the CU label mark.
Later, Tajikistan, Kyrgystan and Armenia joined EAC.
Member states of Eurasian Economic Community occupy a total area of 20.3 m sq. km. Their population exceeds 182 m. They account for 4% of the world's GDP. EAC countries produce 14.5% of the world's oil and 19.3% of the world's gas; their share in the generation of electrical energy is 5%, steel production amounts to 4.8%, and wheat production has reached at 10.5%.
The Customs Union is a form of trade and economic integration between the Parties that envisages
a common customs territory in the framework of which goods exchanged in mutual trade that originated from the common customs territory and also those originating from third countries and freely circulating on this customs territory are exempt from customs duties and economic restrictions.
At the same time the member countries apply a unified customs tariff and other unified measures for regulating commodity trading with third countries.
The decision on Establishment of the Customs Union was adopted by the heads of six Community
states at EurAsEC Interstate Council meeting on 6 October, 2007. Meanwhile at the initial stage three
countries became its full members – the Republic of Belarus, the Republic of Kazakhstan and the Russian
Federation. Later, Kyrghizia and Armenia joined the Customs Union too.
A unified regulatory supranational standing body – The Customs Union Commission – started operating on 1
January, 2010. Its main objective is to provide conditions for the functioning and development of the Customs Union. The EurAsEC Interstate Council was vested with the functions of supreme body of the Customs Union.
The Customs Code for the three countries came into force on 6 July, 2010.
The draft code was developed according to the latest international standards in conformity with the Kyoto
Convention on the Simplification and Harmonization of Customs Procedures.
The phased transfer of coordinated forms of state control to the outer contour of the customs border
was completed, and the Customs Union became fully functional on 1 July, 2011.
Over 60 sets of Technical Regulations have so far been adopted. All products that fall under any of those categories is subject to mandatory TR CU Certification of Conformity.