Posted in Finance, Accounting and Economics Terms, Total Reads: 421
Definition: Eurasian Economic Union (EEU)
Eurasian Economic Union is an economic union created by a treaty signed by Russia, Kazakhstan and Belarus in May 2014. A treaty was signed to expand the union to Armenia in October 2014. The union will be effective from 1st January 2015.
The EEU treaty allows citizens of the member countries to work in other member countries without taking special permissions and is anticipated to reduce the trade barriers. The treaty has not created a single currency for the union like that in Eurozone countries. The EEU is created to counter the influence from other countries in west and European Union.
The EEU is as of now mainly economic, however many politicians and political scientists have proposed for further incorporation of cultural, political and military union.