On 29 May 2014, the presidents of Kazakhstan, Belarus and Russia signed the treaty on the Eurasian Economic Union, which came into effect on 1 January 2015. The presidents of Armenia and Kyrgyzstan were also present at the signing ceremony. Russian president Vladimir Putin stated, "Today we have created a powerful, attractive centre of economic development, a big regional market that unites more than 170 million people".
The Eurasian Economic Union is centralized at the eastern end of Europe, bounded by the Arctic in the north, the Pacific Ocean to the east and East Asia, the Middle East and parts of Central Asia to the south. The Eurasian Economic Union features major cultural corridors that connect the Middle East to the Far East. Its central member states cover an area of approximately 15% of the world's land surface.
Decisions for the Eurasian Economic Union are addressed by the Supreme Eurasian Economic Council, which is composed of the Heads of State of the Member States. The Supreme Council determines the strategy, direction and prospects of integration and takes decisions aimed at achieving the goals of the union.
The Eurasian Commission make decisions on customs policies, macro-economics, competition regulations, energy policies and the fiscal policy of the Eurasian Economic Union. The Commission also has strict anti-corruption laws. It is generally believed, that more work needs to be done to protect intellectual work and industrial property. Over the past few years Russia has developed the modern legal framework and legislation to assist not only Russians, but the entire Eurasian Economic Union with protection measures that are regularly developed and improved such as patent protections. A patent provides, from a legal standpoint, the right to exclude others from making, using, selling, offering for sale, or importing the patented invention and/or intellectual work for the term of the patent, which is usually 20 years from the filing date subject to the payment of maintenance fees.
Currently, there aren't nearly enough international copyright protection documents for Russia or members of the Eurasian Economic Union, which is certainly a problem. According to the World Intellectual Property Organization, in 2013 Russia ranked seventh in terms of the number of national patent applications, and 25th in the number of international applications filed under patent cooperation agreements. The Eurasian Patent Organization eliminates this issue by offering online patent services for member states.
In 2012, the idea of the new joint currency found support from Vladimir Putin and Dmitry Medvedev and by 2014 proposals were drafted in Eurasian Commission documents for the establishment of a Eurasian Central Bank and a common currency to be called the altyn which is to be introduced by 2025.
Russia's First Deputy Prime Minister, Igor Shuvalov, stated on 24 July 2014 that the Eurasian Economic Union will have a common currency unit in a span of five to ten years.
For well over a half of a century, western nations have struggled with financial independence. Eurasian Economic Union has several resources to ensure financial independence for all members evident with the introduction of a new common currency. Our challenge is to develop financial networks within the following international financial institutions while creating a secure and business-friendly environment world-wide. Be sure to stay up-to-date with our progress by reviewing our quarterly reports below!Follow @SoulFreeWiz