Russia Signs Treaty for $2.7 trillion Trading Bloc with Kazakhstan, Belarus

Russia signed a treaty with Kazakhstan and Belarus to further foster integration, guaranteeing the free movement of goods, services, capital and work force.

‘The Agreement on the Eurasian Economic Union will come into force on the Customs Union territory on January 1, 2015,’ reads a note released on Thursday.

According to Reuters, the $2.7 trillion trading bloc has been created to challenge the three global economic powers. In this sense, the Customs Union would be a way to increase Russia’s might with respect to United States, the European Union and China. 

Russian President Vladimir Putin reminded that Kazakhstan and Russia jointly hold one-fifth of the world’s natural gas reserves.