rush-hour-news-putin-to-create-eurasian-union

Putin to “create” Eurasian Union

rush-hour-news-putin-to-create-eurasian-union
rush-hour-news-putin-to-create-eurasian-union
MOSCOW-Russian Prime Minister Vladimir Putin asked for the creation of a Eurasian economic union in an article published Tuesday, as the country continues in its drive to rebuild economic ties between former Soviet republics.

Russia’s ambition has previously caused problems in its World Trade Organization accession talks, which the country has been involved in almost since the collapse of the Soviet Union and hopes to finalize this year.

Mr. Putin, who is set to return to the Kremlin after the March presidential elections, is quoted as saying in an article published in Izvestia newspaper that Russia aims to build the Eurasian union on the base of the existing Customs Union, a trade group that includes Kazakhstan and Belarus.

Mr. Putin said the creation of a Eurasian union isn’t about “the recreation of the U.S.S.R.,” but of building a connection between Europe and the Asia-Pacific region. mr. Putin said the union, which is open for new members, will aim to more closely coordinate economic and currency policies of its member states.

The first step towards the goal will be made on Jan. 1, when the Customs Union members are planning to create the ‘Common Economic Space,’ which will coordinate its members’ macroeconomic policies, competition rules and agriculture subsidies, among other issues.