Kyrgyz government led-by Prime Minister Temir Sariyev on Monday admitted the roadmap draft documents which will enable the country’s integration with the newly-founded Russian-led Eurasian Economic Union (EEU).
Kyrgyz PM Sariyev said the EEU member states’ body will ratify his country’s full-membership to the Union on May 8 when the leaders met in Moscow.
“We will officially be full member in the EEU with the acceptance of protocols immediately after the heads of member states approved our bid to join on May 8, in Moscow,” told Sariyev reporters on Monday.
The Treaty on the EEU stipulates customs and technical regulation, foreign trade policies and measures to protect internal markets. The agreement envisages transition to common customs tariffs.
The agreement also stipulates principles of coordinated macroeconomic and foreign exchange policies, financial market regulation, interaction in the energy and transport sectors, development of a common gas, oil, petroleum product, medicines and medical equipment market.
By the signing of the EEU agreement, Kyrgyzstan will have the opportunity for free movement of goods, services, capital and workforce between the markets of other member states.
Russia had finalised the establishment of the EEU almost a year ago by incorporating three other ex-Soviet republics, while Western economic sanctions and drops in oil prices seriously hit its economy.
Hence, the long anticipated EEU has been materialised at the very beginning of this year by the formal participation of Belarus, Kazakhstan and Armenia alongside their former constituent state, the Russian Federation.
The union is considered to be Russian President Vladimir Putin’s flagship foreign policy project and will function as a customs’ union between its member states.
For the Turkic republics of Central Asia the new economic union with Russia seems attractive, as they aim seeking to break their landlocked isolation in trade and access Western markets.
Kazakhstan, in this vein, has long been the champion of such a customs union with Russia, and that Kyrgyzstan returned to favouring this path after Almazbek Atambayev won the presidency in December 2011
Sariyev stressed the issue and said he and President Atambayev have been sharing the common grounds in terms of joining the EEU.
Sariyev also stated that Kyrgyz nationals would have the same rights as Russian and other citizens from the EEU member countries as they travelled abroad in order to get more proper jobs.
In line with its integration with the EEU, Kyrgyzstan gets financial aids from Russian funds and the Russian-led Union has already pledged to give one billion dollars soon after Bishkek became a full member.