TASHKENT (TASS) – The President of Uzbekistan Shavkat Mirziyoyevhas decided to consider the issue of the republic entering the Eurasian Economic Union (EAEU), Russian Federation Council (upper house) Speaker Valentina Matviyenko said at a meeting with Speaker of the Legislative Uzbek Senate (Oliy Majlis) Nurdinzhon Ismoilov on Wednesday.

Valentina Matviyenko

Russian Federation Council Speaker
(© Vyacheslav Prokofiev / TASS)

“We know that Uzbek President has made a decision, currently the issue of Uzbekistan’s joining the Eurasian Economic Union is under consideration”, she said.

To promote further economic integration and more cooperation, in 2000 Belarus, Kazakhstan, Russia, Kyrgyzstan and Tajikistan established the Eurasian Economic Community (EurAsEC) which Uzbekistan joined in 2006. The treaty established a common market for its member states. The Eurasian Economic Community was modelled on the European Economic Community.

For long, Uzbekistan remained hesitant to join the Economic Union, with Uzbek officials making opposing claims on the prospect of integration. The country preferred not to pursue economic and political integration as of now. Russian officials had stated that integration with the country would be slow while analysts stated that as Russian influence and trade increases in Kyrgyzstan and Tajikistan it may persuade Uzbekistan to join in the future.

Uzbekistan began its integration process when Russia announced it would write off $865 mln off debt owed by the country. Uzbekistan joined the CIS Free Trade Area in 2014, meaning it has free trade with EAEU member states