The relevant treaty on establishing the Eurasian economic community was signed October 10, 2000 in Astana by the Presidents of countries, parties to the Customs Union. Legal aspects of the Eurasian economic community's activities were formalized completely by late 2001.
In May 2002 Ukraine and Moldova received status of observer within the framework of the Eurasian economic community, what with Armenia receiving a similar status in January 2003.
The establishment of the European economic community is the first step toward creating a more effective system of five-sided economic interaction in line with old-time European Economic Community (EEC) principles. The EEC has now changed its name to the European Union.
The afore-mentioned treaty defines specific goals, tasks and governing bodies of this new international organization, i.e. the European economic community, the relevant procedure for presiding in the European economic community, membership issues, as well as the status of observers and the legal competence of member-countries.
The European economic community has international status.
The European economic community is called on to completely formalize the free-trade regime, to forge common customs tariffs and a common system of non-tariff regulation measures, to elaborate agreed-upon positions of member-countries as regards their interaction with the World Trade Organization and other international economic organizations, to introduce standard forex-regulation and forex-control procedures, to overhaul national economies in line with agreed-upon concepts and to establish a common system of payments and settlements. Moreover, the Eurasian economic community must forge a common transport-services market, as well as a common transport network, also harmonizing national education systems and ensuring economic security along the Eurasian economic community's external perimeter. And, finally, the Eurasian economic community is supposed to fight contraband and other kinds of customs violations.
The European economic community has its headquarters in Moscow and Astana.
The inter-state council, which consists of heads of state and heads of government, is the Eurasian economic community's supreme body. The inter-state council meets at the level of heads of state at least once a year, with national heads of government holding their sessions at least twice each year.
The integration committee, which comprises deputy prime ministers for economic issues, is a permanent governing body.
National voting rights within the framework of the Eurasian economic community are directly proportional to financial contributions of member-countries to the Eurasian economic community's budget. Russia contributes 40 percent of the Eurasian economic community's budget, with Belarus and Kazakhstan setting aside 20% each. Meanwhile the share of Kyrgyzstan and Tajikistan is 10%, respectively. It takes two-thirds of all votes to adopt any specific decision.
The Eurasian economic community's working language is Russian.
The treaty on establishing the Eurasian economic community has an unlimited duration. The Eurasian economic community is an open entity, which stipulates observer status for those specific countries, which are not yet ready to join it.
A treaty stipulating cooperation in guarding the Eurasian economic community's external perimeter was inked February 21, 2003.
On May 8, 2003 the UN formalized the Eurasian economic community's international-organization status. The treaty on establishing the Eurasian economic community is registered at the UN Secretariat in accordance with article 102 of the UN Charter.
On December 9, 2003 the Eurasian economic community received observerstatus with the UN General Assembly.
