OREANDA-NEWS. The member states of the Common Economic Space (Russia, Belarus and Kazakhstan) are expected to create an integrated financial market by 2020, Timur Suleimanov, economy and financial policy minister of the Eurasian Economic Commission, said.

Established in January 2012, the commission manages the integration process of the Customs Union of Russia, Belarus, and Kazakhstan.

“On the whole, under existing agreements and commitments, 2020 is the year when we have to come to a common financial market, with mutual acknowledgment of licenses and other permitting documents,” Suleimanov said.

The integration of financial markets and the harmonization of legislations of the three countries, including the banking and insurance sectors and the stock market, will be held in several stages. The harmonization of terms and requirements for staff will be worked out by 2016, he said.

“Within the third stage, which is due to finish by 2020, we want to complete the harmonization of laws which will oversee the financial sphere and that will be the final point, which will enable us to say that rules on the financial markets are practically the same,” he said.