It’s been in the works since 1992, and it finally took off in 2014, and quickly. According to its website, the Eurasian Economic Union (EEU) is an international organization for regional economic integration. It has an international legal personality and is established by the Treaty on the Eurasian Economic Union.
The Member-States of the Eurasian Economic Union are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic and the Russian Federation.
The EEU provides for the free movement of goods, services, capital and labor, and pursues a coordinated, harmonized and single policy in the sectors determined by the Treaty and international agreements within the Union.
Russian President Vladimir Putin has hailed the Union, and has even made the bold statement that this could be an alternative for European countries to the European Union. It even asked European countries to dump the US TTIP and join the Union.
Some of the challenges: the lowering of oil prices has hit members, including Russia, and the ensuing crisis in Ukraine.
But given the crises that the European Union is experiencing, it may pose a convenient alternative for European countries.
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