Russia, Belarus and Kazakhstan set up new alliance

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http://www.adn.com/2014/05/29/3491253/russia-belarus-and-kazakhstan.html?sp=/99/171/

Russia, Belarus and Kazakhstan set up new alliance
By VLADIMIR ISACHENKOV
Associated Press
May 29, 2014 Updated 8 minutes ago

MOSCOW — The leaders of Russia, Belarus and Kazakhstan on Thursday created an economic union that intends to boost cooperation between the ex-Soviet neighbors, a pact which was at the source of the crisis in Ukraine.

Russian President Vladimir Putin said the Eurasian Economic Union — which Moscow had pushed Ukraine to join, helping spark the worst crisis in relations between Russia and the West since the Cold War — takes the countries' cooperation to a "new level" while respecting their sovereignty.

"We are creating a powerful and attractive center of economic development, a major regional market bringing together over 170 million people," Putin said during talks in Kazakhstan's capital, Astana. He added that the pact would allow the countries to exploit their economic potential and strengthen their positions in global markets.

The alliance is the development of the Customs Union including the same nations. In addition to free trade, it coordinates the members' financial systems and regulates industrial and agricultural policies along with their labor markets and transport systems. The deal stops short of introducing a single currency and delays the creation of a common energy market.