DUSHANBE, December 2, 2015, Asia-Plus — Tajikistan’s lower house (Majlisi Namoyandagon) today ratified an agreement on mutual encouragement and protection of investments in member nations of the Eurasian Economic Community (EAEC).
Presenting the agreement that was signed in December 2008, Qodir Qosim, Chairman of the Statement Committee on Investment and State-owned Property Management (GosKomInvest), noted that although the EAEC was terminated from January 1, 2015, “the member nations agreed that some agreements adopted within the framework of the organization will remain in force.”
In accordance with the agreement on mutual encouragement and protection of investments in the EAEC member nations, investments made in the economies of the EAEC member nations cannot be nationalized if they do not pose threat to the national security of either of member nations of the organization.
The agreement reportedly also provides for paying compensation for an investment loss arising from wars, revolutions and emergency situations.
The Eurasian Economic Community (EAEC) was a regional organization between 2000 and 2014 which aimed for the economic integration of its member states. The organization members were Belarus, Kazakhstan, Kyrgyzstan, Russian and Tajikistan. Uzbekistan joined the community on the 7 October 2005, however later withdrew on the 16 October 2008.
During the 14 years, the EAEC implemented a number of economic policies to unify the community. The Customs Union of Belarus, Kazakhstan, and Russia was formed on January 1, 2010, and later renamed the Eurasian Customs Union.
An agreement on the termination of the Eurasian Economic Community was signed in Minsk on October 10, 2014. The Eurasian Economic Community was terminated from January 1, 2015 in connection with the launch of the Eurasian Economic Union. While the Eurasian Economic Union effectively replaces the community, membership negotiations with Tajikistan are still ongoing. All other EAEC members have joined the new union.