The 29th session of the Eurasian Economic Community (EurAsEC) Interstate Council – the Supreme Body of the Customs Union – was held on December 9 in Moscow at the level of Heads of State.

The event was attended by Russian President Dmitry Medvedev, President of the Republic of Belarus Alexander Lukashenko, President of the Republic of Kazakhstan Nursultan Nazarbayev, President of the Kyrgyz Republic Roza Otumbaeva, President of Tajikistan Emomali Rakhmonov, and by heads of states with observer status in EurAsEC.

The Eurasian Business Council was represented by Chairman of the Coordinating Council O.N. Soskovets and Chairman of the Board M.V. Slipenchuk.

Presidents of the Russian Federation, Belarus and Kazakhstan discussed the implementation of an Action Plan for creation of the Common Economic Space, adopted December 19, 2009.
The main outcome of the meeting was adoption of the Declaration on establishment of the Common Economic Space (CES) and a package of international agreements formalizing the CES including agreements on coordinated macroeconomic policy, on creation of conditions at financial markets necessary to ensure free movement of capital, on aligned principles of currency policy, etc. In total, 17 documents were signed. The signed documents will enter into force on January 1, 2012.

Following the signing of the Declaration, heads of the Customs Union member states expressed their support of the idea of creation of the Eurasian Economic Space which will start functioning on January 1, 2011. The state leaders confirmed that the Eurasian Economic Space will be open for other countries to join.

The historic decisions made at the meeting will launch a new phase of integration in Eurasia ensuring free movement of goods, services, capital and labor, as well as coordinated macroeconomic policy.

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