BISHKEK (AKIpress) – The Kyrgyz Government has approved a draft agreement between the Governments of Kyrgyzstan and Kazakhstan on the development of economic cooperation under the Eurasian Economic Union. The corresponding decree of March 2, 2015 was signed by Prime Minister Joomart Otorbayev.

Under the agreement, Kazakhstan will give Kyrgyzstan financial aid of $100 mln in order to facilitate the process of joining of the Kyrgyz Republic in the Eurasian Economic Union. The order of providing assistance as well as a monitoring mechanism for implementation of the agreement is regulated under a separate Protocol.

The agreement will enter into force when the sides complete internal procedures for ratification of the document. The agreement will be terminated when all the obligations under this agreement, as well as the protocol of this agreement will be met.

A treaty aiming for the establishment of the Eurasian Economic Union (EEU) was signed on 29 May 2014 by the leaders of Belarus, Kazakhstan and Russia, and came into force on 1 January 2015. Treaties aiming for Armenia’s and Kyrgyzstan’s accession to the Eurasian Economic Union were signed on 9 October 2014 and 23 December, respectively. Armenia’s accession treaty came into force on 2 January 2015. Although Kyrgyzstan’s accession treaty will not come into force until May 2015, provided it has been ratified, it will participate in the EEU from the day of its establishment as an acceding state.

The EEU has an integrated single market of 176 mln people and a gross domestic product of over $4 tln. It introduces the free movement of goods, capital, services and people and provides for common transport, agriculture and energy policies, with provisions for a single currency and greater integration in the future. The union operates through supranational and intergovernmental institutions. The supranational institutions are the Eurasian Commission (the executive body), the Court of the EEU (the judicial body) and the Eurasian Development Bank. National governments are usually represented by the Eurasian Commission’s Council. In addition, all member states participate in the Collective Security Treaty Organization, an intergovernmental mutual defence alliance.