Baku, May 29 (AZERTAC). Presidents of Russia, Kazakhstan and Belarus - Vladimir Putin, Nursultan Nazarbayev and Alexander Lukashenko - have signed a treaty on setting up the Eurasian Economic Union (EEU). The treaty will come into effect on January 1, 2015. The presidents signed the document upon the results of the meeting of the Supreme Eurasian Council at the level of state leaders in Kazakhstan`s capital, Astana, on Thursday.

Vladimir Putin noted that thanks to a common constructive approach, readiness and ability of each party to find compromises the three countries succeeded to settle many difficulties on this path and sign the document timely as it was planned before June 1, 2014.

“The Eurasian Economic Union will work on universal transparent principles clear for all, including on WTO principles,” Putin said. “This is a result of our joint work, close co-operation between the governments of Russia, Belarus and Kazakhstan.”

According to the Russian leader, this document had brought the countries on an essentially new level of integration.

Putin noted that this union accounted for one fifth of world gas reserves and about 15 percent of oil reserves in the world. The troika has a well-developed industrial base and a strong personnel, intellectual and cultural potential, the president added.

The Eurasian Economic Union will work on universal and clear rules, including rules and principles adopted by the World Trade Organisation (WTO). “The Eurasian Economic Union will work on universal transparent principles clear for all, including on WTO principles,” Russian President Vladimir Putin said at a meeting of the Supreme Eurasian Council at the level of state leaders in Kazakhstan’s capital, Astana, on Thursday.

The Russian leader noted that “a treaty was fully prepared for signing.”

The Eurasian Economic Union Treaty should start functioning in the Customs Union states of Russia, Belarus and Kazakhstan starting from January 1, 2015.

Drafting of the treaty has begun at the first summit on the Supreme Eurasian Economic Council back in November 2011. Then the presidents of the three countries have adopted a declaration on Eurasian economic integration which became some kind of roadmap for development of integration co-operation.

More than 30 bodies of federal executive authorities have drafted the treaty from Russia.

The treaty is based on a contractual and legal basis of the Customs Union and the Common Economic Space effective provisions of which were improved and brought in compliance with the World Trade Organization (WTO) rules.

The treaty comprises 28 sections and 118 articles as well as 32 addenda that make a total of 700 pages.

The three countries assume commitments to guarantee free movement of goods, services, capitals and manpower and pursue a well-orchestrated policy in such key economic industries as energy, production industries, agriculture and transport sector.