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The agreement on the termination of the EurAsEC was signed in Minsk after the session of the Interstate Council of the Eurasian Economic Community, BelTA reports.

According to President of Belarus Alexander Lukashenko, the EurAsEC was a success; the parties have gone a long and difficult way of integration. “The main thing is that the EurAsEC was a foundation for the establishment of the Customs Union and the Single Economic Space which, in turn, have laid the foundation of the future Eurasian Economic Union,” the Belarusian head of state said. “Therefore, the today's decision to change the format of our interaction is an adequate reflection of modern integration trends in the post-Soviet space.”

According to President of Russia Vladimir Putin, the EurAsEC has fulfilled an important mission ensuring the progress of Eurasian integration. Members of the community developed a solid legal framework which includes over 200 agreements in various areas. “Nothing from the rich EurAsEC legacy can be lost. We will continue to implement the majority of agreements and other documents which were passed within the framework of the Community. Practical experience accumulated by the EurAsEC executive bodies is important, too. It should be used in the operation of the Eurasian Economic Commission,” Vladimir Putin said.

The EurAsEC will cease to exist on 1 January 2015 in connection with the launch of a more advanced integration association – the Eurasian Economic Union.