

According to Press TV, the treaty was signed on Thursday by Russian President Vladimir Putin and his Kazakh counterpart Nursultan Nazarbayev as well as his Belarussian counterpart Alexander Lukashenko in the Kazakh capital of Astana.

The alliance‘s goal is to boost economic and trade ties among the ex-Soviet neighbors.

With regard to the treaty, Putin said, “This is a result of our joint work, close cooperation between the governments of Russia, Belarus and Kazakhstan.”

Russia president also added the new alliance will allow the three nations to exploit their economic potential and strengthen their positions in global markets.

He also said that apart from free trade, the union will regulate its members' industrial and agricultural policies and coordinate their financial systems.

Meanwhile, On May 28, Russian Deputy Foreign Minister Vasily Nebenzya said the alliance demonstrates a high level of cooperation between Russia, Belarus and Kazakhstan and that the treaty is a document of historic significance.

"It turns a new page in the history of Eurasian economic integration," Nebenzya told reporters, adding, “Pursuant to its provisions, a full-fledged international organization will be established starting from January 1, 2015."

Work on the treaty started in November 2011 at the initial Supreme Eurasian Economic Council summit when the presidents of Russia, Belarus and Kazakhstan adopted a declaration on the Eurasian economic integration, which became a "road map" for the development of integration cooperation

AM/