Belarus, Kazakhstan, Russia sign Eurasian Economic Union deal

"We are uniting our economic potential... The union is economic in the first place. It does not infringe on the independence and sovereignity of the member countries," President Nazarbayev stressed after signing.

The three nations have agreed to guarantee the free movement of goods, services, capital and labor force as well as to coordinate efforts in the key sectors of economy. The deal will become effective from January 1, 2015.

On May 29, the presidents of Belarus, Kazakhstan and Russia are holding the meeting of Supreme Eurasian Economic Council in Astana.