Kazakhstan hopes to see the recently established Eurasian Economic Union (EEU) not only to create a common market of over 170 million people, but also to further strengthen the nation's economy, providing more and greater opportunities for domestic and foreign businesses.
According to a EEU fact sheet, the aim behind its creation is primarily to improve levels of cooperation between member states Kazakhstan, Belarus and Russia, and to foster a spirit of strategic partnership and friendship.
The fact sheet further reveals that this common market will have significant potential over the next two decades.
Experts are predicting a 25 per cent growth in the member states' GDP by 2030, which equates to over USD 600 billion.
According to the World Bank's Ease of Doing Business Index, Kazakhstan is by far the easiest EEU market to do business in, making it the ideal choice for international businesses. This will help diversify Kazakhstan's economy.
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The three member states have emphasized that the EEU is an economic and not a political union
According to President Nursultan Nazarbayev, "The creation of our economic union is not a frozen tenet. We are to face many challenges in the future. The choice to integrate is not a magic wand that guarantees miracles."
The EEU, according to the fact sheet, will be a supra-national body that will promote integration, and will be strictly regulated by the agreements inked between the member
The EEU will not have any supra-national authority over the heads of state, and Kazakhstan will not support the creation of any supra-national political bodies, such as an EEU Parliament.
The structure of the EEU Commission and its ruling council means that no single state can dominate the decision making process.
Resolutions are based on the decision of the majority of the council. Each state will have the right to veto on the process.
In this case the issue is brought up to the level of the Head of States where the decision is made by consensus.
Kazakhstan believes there is currently no necessity to expand the role or operations of the Eurasian Economic Commission and that its work should be clearly evaluated to ensure it effectively fulfills its remit and delivers for all member states and their citizens.
The fact sheet says Kazakhstan's accession to the EEU will not affect bilateral relations with other countries or multilateral agreements, and the EEU will have no impact on Kazakhstan's other bilateral or international relations or agreements, nor its integration into other organizations.
The EEU preserves the sovereignty of each member state and is aimed at facilitating trade, both within the organization and with outside partners - not to act as a barrier.
Kazakhstan supports the proposal to create a free trade zone between the EEU and the European Union.
