Updated 1:27 p.m. Moscow Time
MINSK, October 9 (RIA Novosti) - The lower chamber of the Belarusian parliament on Thursday ratified the treaty to create the Eurasian Economic Union, a RIA Novosti correspondent reported.
The treaty was signed on May 29 by the leaders of Russia, Belarus and Kazakhstan.
The upper house of the Belarusian parliament confirmed that the bill would be debated in the second half of the day, as soon as it is cleared by the lower house.
The union is aimed at increasing economic cooperation among its three member countries. Under the treaty, Russia, Belarus and Kazakhstan agree to guarantee a free flow of goods, services, capital and labor, and to implement a coordinated policy in the energy, industrial, agricultural and transport sectors.
The agreement is based on the provisions of the contractual legal framework of the Customs Union and Common Economic Space that were improved to comply with World Trade Organization rules.
The union will come into force on January 1, 2015, assuming the treaty is approved by the parliaments of the three member countries. Last week, Russian President Vladimir Putin signed a bill to ratify the treaty. The Kazakh parliament is expected to debate the ratification Thursday.
