The Leaders Of The Eurasian Economic Union (EAEU) Are Set To Discuss The Establishment Of Common Markets For Gas, Oil And Oil Products

The leaders of the Eurasian Economic Union (EAEU) are set to discuss the establishment of common markets for gas, oil and oil products at their meeting in the Russian city of St. Petersburg on Thursday.

MOSCOW (UrduPoint News / Sputnik - 06th December, 2018) The leaders of the Eurasian Economic Union (EAEU) are set to discuss the establishment of common markets for gas, oil and oil products at their meeting in the Russian city of St. Petersburg on Thursday.

The union was established as an international organization for regional economic integration by the Treaty on the Eurasian Economic Union.

The treaty was signed on May 29, 2014 in Kazakhstan's capital of Astana by the presidents of Russia, Belarus and Kazakhstan and entered into force on January 1, 2015.

The EAEU includes Armenia (since January 2, 2015), Belarus, Kazakhstan, Kyrgyzstan (since August 12, 2015) and Russia.

On May 14, 2018, Moldova became the first state, which was granted the status of an observer of the EAEU.

The total area of the EAEU countries covers more than 20 million square kilometers (7 million square miles), making up 14 percent of the world's land area. The population of the EAEU countries as of January 1, 2018 stands at 183.7 million.

The gross domestic product of the EAEU member countries in 2017 amounted to $1.8 billion; industrial production totaled $1.1 trillion; the volume of agricultural manufactured products reached $123.9 billion.

At the end of 2017, the volume of mutual trade turnover in the EAEU countries amounted to $54.2 billion, while trade in goods with non-member countries totaled $633.8 billion.

The Eurasian Economic Union was established on the basis of the Customs Union and the Common Economic Space of Russia, Belarus and Kazakhstan.

Free movement of goods, services, capital and workforce, as well as coordinated, agreed and unified policy in the various sectors of the economy are ensured within the framework of the union.

The idea of creating EAEU was laid down in the Declaration on Eurasian Economic Integration adopted by the presidents of Russia, Belarus and Kazakhstan on November 18, 2011. The declaration enshrined the goals of the Eurasian Economic Integration, including the goal to create the Eurasian Economic Union by January 1, 2015.

The main objectives of the EAEU include the promotion of comprehensive modernization, the cooperation and competitiveness of the national economies of member-states; creating conditions for sustainable development and improvement of population's living standards; ensuring free movement of goods, services, capital and labor force within its borders.

The supreme authority of the EAEU is the Supreme Eurasian Economic Council (SEEC), which consists of member states' presidents. The SEEC considers the main questions concerning the activities of the union, defines the strategy, directions and prospects for the development of integration and makes decisions aimed at achieving its goals. Meetings of the Supreme Council are held at least once a year. Special meetings of the Supreme Council may be convened on the initiative of any of the member states in order to resolve the urgent issues.

The Eurasian Intergovernmental Council (EIC) is responsible for the implementation of the EAEU Treaty and other international treaties within the union as well as the decisions of the Supreme Council. The meetings of EIC, which consists of the heads of the member states' governments, take place when required, but not less than twice a year.

The Eurasian Economic Commission (EEC) is a permanent supranational regulating body of the union with headquarters in Moscow. The main tasks include the functioning and development of the union, as well as developing proposals in the sphere of economic integration within the EAEU.

The Court of the Union is the EAEU judicial body, which ensures compliance with the EAEU Treaty and other documents by the member states and bodies of the union.

The EAEU bodies are financed from the union's budget, which is formed in Russian rubles with contributions made by the member states. In 2018, it exceeded 8.1 billion rubles ($121.4 million).

The chairmanship of the SEEC, the EIC and the EEC Council is rotated by following the Russian alphabetical order. One member state can hold chairmanship within one Calendar year, without a right for prolongation.

Russia presides in the above-mentioned bodies in 2018.