Tashkent, Uzbekistan (UzDaily.com) – The EAEU approve a draft order of the Supreme Eurasian Economic Council "On a roadmap for harmonizing the legislation of the EAEU member states in the oil sector."

The roadmap includes a number of measures to approximate the legal regulation of the oil sector of the five states, as well as to increase the level of cooperation between them in the oil sector. The common market for oil and oil products is planned to be launched by 2025.

The harmonization of the legislation of the member states in the oil sector will be carried out in the following areas.

First, the provision of market mechanisms for trade in oil and oil products between participants in the common oil and oil products markets of the Union.

Second, the application of general principles and methods of tariff setting in relation to services for the transportation of oil and oil products within common markets.

Third, the creation of favorable conditions for attracting investments in the production, transportation, supply, processing and marketing of oil and oil products.

Fourthly, ensuring that the national interests of the member states are taken into account in ensuring economic and energy security, as well as the functioning and development of internal markets for oil and oil products.

In addition, the Supreme Eurasian Economic Council also considered the procedure for exchange trading in gas and uniform rules for access to gas transportation systems located in the territories of the Union states.

In general, according to experts, the harmonization of laws will allow the Union members to apply uniform principles of trade in oil and oil products, using a common tariff for oil transportation. Analysts believe that the formation of common oil and gas markets is one of the strategic directions of the Union’s development.