Historical Development of Eurasian Economic Union

Abstract

The Eurasian Economic Union, in which Russian Federation, Belarus, Kazakhstan, Armenia and Kyrgyzstan are members, is the most comprehensive integration initiative in the post-Soviet geography. The Eurasia Economic Union Treaty, which was signed in Astana on May 29, 2014 and entered into force on January 1, 2015, is the basis of this initiative similar to the European Union integration in terms of development process and stages. This integration process, in which economic cooperation is accepted as a priority by the member countries, has emerged through the stages of "Eurasian Economic Community", "Customs Union" and "Common Economic Area". These stages have paved the way for the economy-oriented development of integration. Russia aims to transform the Eurasian Economic Union into the Eurasian Union, which indicates more political and geopolitical meaning. Other member states emphasize economic cooperation. In this framework, the extent and scope of economic integration will determine the development of the Eurasian Economic Union.