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This international organisation, the Eurasian Economic Community, was created by Belarus, Kazakhstan, Kyrgyzstan, Russia and Tajikistan on the basis of the Customs Union for further effective advancement of regional integration processes. The agreement on the foundation of the EurAsEC was signed on 10 October 2000 and came into force on 30 May 2001.

The main goal of the Community is to complete formation of the customs union and create a common economic space, within which there will be free movement of goods, services, capital and workforce.

To achieve this, it is first of all necessary to establish a common system of regulating foreign trade activity. Customs tariffs, non-tariff measures of regulation and customs rules should be unified. At the same time, there should be an adjustment of conditions for carrying out entrepreneurial activity. It is proposed to pass common laws of providing subsidies, and to harmonise legislation in the area of state purchases and the application of investment measures connected with trade. One of the key issues is coordinating the positions of EurAsEC member countries in talks on joining the WTO.

Along with the unification of legislation within the EurAsEC, currently specific multi-lateral projects are being examined. In particular, joint work is being discussed on completing the construction of Sangtudin hydroelectric station 1 in Tajikistan and Kambaratin hydroelectric station 2 in Kyrgyzstan. To assist in the development of horizontal integration and the restoration of lost economic ties, the non-commercial organisation “EurAsEC Business Council” was created in April 2002, the founders of which were the Trade and Industrial chamber of Russia, and the Russian union of industrialists and entrepreneurs. Representatives of EurAsEC member countries also joined the Coordinating council of the organisation.

The supreme body of the Community is the Intergovernmental council, which meets on the level of heads of state and government. The permanent body of the EurAsEC is the Integration committee, which is made up of deputy heads of government. In the period between sessions of the Integration committee, the work of the council is provided for by the Commission of permanent representatives of EurAsEC member countries. The Interparliamentary Assembly and the Community Court are also management integration bodies. Auxiliary bodies work in specific areas of integration – councils and commission, including under the Integration committee of the EurAsEC: the Council on energy policy, the Council on transport policy, the Council on social policy etc.

Work organisation and information and technical services of the Intergovernmental Council and the Integration Committee are carried out by the secretariat of the Integration Committee.

The Community is open for any nation to join which is prepared to accept and fulfil the obligations existing in the EurAsEC. Nations or international intergovernmental organisations can at their request be given the status of observer at the EurAsEC. Currently Moldova, Ukraine and Armenia have this status.