On 29 May 2014, the Presidents of the Russian Federation (Russia), Republic of Belarus (Belarus) and Republic of Kazakhstan (Kazakhstan) signed the Treaty on the Eurasian Economic Union ("Treaty"), which establishes a new international regional organization, the Eurasian Economic Union ("EEU") as of 1 January 2015.
Since the adoption in 2009 by the United States of new "Buy American" provisions imposing a general requirement that publicly funded building and construction projects must use only domestically produced inputs, similar "buy national" legislation has rapidly started to emerge in many other jurisdictions worldwide.
On Dec. 16, 2011, the WTO's main decision-making body, the Ministerial Conference, approved the conditions by which Russia may accede to the WTO. This was the result of highly complex and unprecedented lengthy negotiations between Russia and its trading partners, WTO members, which lasted 18 years. Russia's formal entry is expected to take place in mid-2012, following ratification in Russia in accordance with its constitutional procedures.
On Nov. 9, the European Union made public its strategic plans for trade policy in 2011-15. The new five-year trade strategy is meant to be a central part of the so-called Europe 2020 strategy announced earlier in 2010 and adopted in the wake of the recent economic and financial crisis.