Post #2159

💭The Southern African Customs Union that operates in South African subregion is one of the oldest in the world. It was founded by South Africa, Botswana, Lesotho and Swaziland, Namibia joined it later. 🗺️Being thousands of kilometers away from South Africa and with the direct participation of the Russian Federation another economic mechanism was established in 2015 - the Eurasian Economic Union ( #EAEU ) that unites Armenia, Belarus, Kazakhstan and Kyrgyzstan as member states. The EAEU ensures the freedom of movement of goods, as well as services, capital and labor, and pursues a coordinated or even common economic policy in various fields. 📍The Union was established on the basis of the interaction experience accumulated by the member states within the framework of the CIS (Commonwealth of Independent States), the Eurasian Economic Union, the Customs Union and the Eurasian Economic Space. Moreover, the members used the best world practices, advanced international experience, including the EU and the WTO (World Trade Organization). 📄In particular, the norms, rules and principles of the WTO were taken into account while elaborating the Treaty on the EAEU and are taken as a basis for the preparation of agreements on preferential and non-preferential trade of the Union with third countries. 🤝According to the Treaty which is the basic document of the Union its main mission is to improve the well-being of the member states citizens. To this end, Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan are constantly working on forming a common market of the Union, which has to ensure the freedom of movement of goods, services, capital and labor. There are now more than 184.3 million consumers within the #EAEU. The total GDP of the member states is over 2 trillion USD. #RussianMFA#EAEU