Eurasian Economic Union (EEU)

AAA

DEFINITION of 'Eurasian Economic Union (EEU)'

An economic union created in 2014 by a treaty signed by Russia, Kazakhstan and Belarus. The union is set to go into effect in 2015. The Eurasian Economic Union treaty allows citizens of EEU member countries the right to work in any other member country without having to obtain special work permits and is expected to reduce trade barriers among members.

INVESTOPEDIA EXPLAINS 'Eurasian Economic Union (EEU)'

The three founding members of the Eurasian Economic Union had been part of a customs union since 2010. Unlike the treaty forming the Eurozone, the treaty forming the EEU did not create a single currency for use by its members.

The EEU was created in part to counter the economic and political influence of the European Union and other Western countries. The idea of the economic union was announced by Vladimir Putin in 2011. Observers have noted that the countries expressing interest in joining the EEU were once part of the Soviet Union, and that the economic union may lead to a political union. 

RELATED TERMS
  1. Free Trade Area

    A group of countries that invoke little or no price control in ...
  2. European Union - EU

    A group of European countries that participates in the world ...
  3. Peer-to-Peer (P2P) Service

    A Peer-to-Peer, or P2P, Service is a decentralized platform whereby ...
  4. Tianjin, China

    A definition of Tianjin, China.
  5. Economic Justice

    Economic justice is a component of social justice. It's a set ...
  6. Hong Kong SAR, China

    Hong Kong is a financial and business center in China.
Related Articles
  1. Economics

    Will Germany's Bailout Save Europe?

    Germany has committed even more money to what may prove to be a fruitless cause.
  2. Economics

    Countries That Thrive On A Weak European Union

    The current eurozone crisis is having a heavy impact on the global economy and certain nations may leave the EU as a result.
  3. Investing News

    Ways You Can Short Europe

    Solutions addressing the woes of the eurozone are varied. Here are some ways you can weather the storm.
  4. Forex Education

    The European Union's Dead Weight

    Greece and the other troubled European Union nations are in need of financial reform.
  5. Economics

    The Economic and Social Effects of Corruption

    Corruption results in inefficiencies in the operations of emerging economies, and prevents such economies from reaching the maximum level of development.
  6. Economics

    What's a Command Economy?

    A command economy is one where the government controls the economy, acting as the central planner, dictating production quotas and distribution levels, and setting prices. Such economies exist ...
  7. Economics

    Understanding the Multiplier Effect

    The multiplier effect is an economic term referring to how an increase in one economic activity can cause an increase throughout many other related economic activities.
  8. Economics

    The Economic Fundamentals Of The Sharing Economy

    The sharing economy is reshaping how businesses and consumers interact with each other by lowering costs and increasing operational efficiency.
  9. Economics

    Is the consumer price index (CPI) the best measure of inflation?

    Discover how the CPI is one of the most used indexes to measure inflation, but due to its limitations, the PPI and GDP deflator are also required.
  10. Economics

    Can state and local governments in the US run fiscal deficits?

    Discover why most state and local governments do not – or cannot – run fiscal deficits in the same manner as the U.S. federal government.

You May Also Like

Hot Definitions
  1. Commercial Paper

    An unsecured, short-term debt instrument issued by a corporation, typically for the financing of accounts receivable, inventories ...
  2. Federal Funds Rate

    The interest rate at which a depository institution lends funds maintained at the Federal Reserve to another depository institution ...
  3. Fixed Asset

    A long-term tangible piece of property that a firm owns and uses in the production of its income and is not expected to be ...
  4. Break-Even Analysis

    An analysis to determine the point at which revenue received equals the costs associated with receiving the revenue. Break-even ...
  5. Key Performance Indicators - KPI

    A set of quantifiable measures that a company or industry uses to gauge or compare performance in terms of meeting their ...
  6. Bank Guarantee

    A guarantee from a lending institution ensuring that the liabilities of a debtor will be met. In other words, if the debtor ...
Trading Center