OREANDA-NEWS. December 14, 2011. Russia, Belarus, and Kazakhstan have signed a declaration on further economic integration, as well as an agreement on the creation of a Eurasian economic committee, which is to oversee the integration processes.

The declaration envisages a switch to the next step of integration – the establishment of a common economic space, while also setting the final goal of creating a Eurasian economic union.

The documents were signed by Russian President Dmitry Medvedev, Belarusian President Alexander Lukashenko, and Kazakh President Nursultan Nazarbayev at a meeting in Moscow.

From January 1, 2012, a package of previous international agreements on the creation of common economic space between the countries is expected to come in force, in order to ensure free movements of goods, services, human resources, and capitals.

Integration Roadmap

The declaration on Eurasian economic integration, signed by Russia, Belarus, and Kazakhstan, preludes a transition to a new stage of integration – the Single Economic Space, which is based on the standards and principles of the World Trade Organization and is always open for new members to join, the press-release says.

Experts call the declaration a road map to the final stage of integration – the Eurasian Economic Union.

Integration Headquarters

The Eurasian economic committee – a new institution to supervise the progress of further integration - is to start operating from January 1, 2012.

The decision-making process in the Eurasian Economic Community rules out any possibility for a single state to play a dominant role. All decisions will have to pass two levels: the Commission Board and the Commission Council.

The Commission Council on the level of vice premiers will be in charge of the general supervision of integration in the framework of the Customs Union and the Eurasian Economic Community. Staffed with “international independent experts” delegated by each participant state, the Commission Board will generate proposals for further integration within the CU and EEU framework.

Finally, there is the Supreme Eurasian Economic Council represented by presidents and premiers of the participant states.

On behalf of the Supreme Eurasian Economic Council three presidents are expected to sign the EEC Technical Regulations.