It is expected that the Presidents of Russia, Belarus and Kazakhstan will sign it in December, said a government source.

"We hope that on Wednesday the government leaders will agree on the text of the document, and it will be signed by the Presidents in December this year. The document is a roadmap for the three countries during the next few years``, the source said.

He mentioned that the Eurasian Economic Community should become the new integration step for Russia, Belarus and Kazakhstan, which have already created the Customs Union, and from January 1, 2012, will launch a free market zone.

The source mentioned that the first stage of the Eurasian Community formation is the codification of all the free market zone regulatory and legal framework.

According to the Government representative, in the future the three states should agree on the exchange policy, adopt a common visa and migration policy, abolish border control.

"Integration means that we "disarm" before our partners. We have already canceled customs duties, other protection elements; we started to be more sensitive towards each other. Today, for example, we tackle the influence of exchange rate fluctuations on the competitive edge of our economies", the Government representative explained.

According to him, en route to new integration stage the three states will have to consider "a coordinated currency policy as well as a common visa and migration policy".

"So far we have not taken it to the practical level yet, but strategically we need to think about it," said the Russian Government representative.

The source emphasized that currently "the issue is neither the monetary union formation, nor the adoption of a common currency". "The time is not right for this yet. The need for this should posed by our economies. However, we do not want to inflict any harm on our partners. For example, if someone decides on a 100% currency devaluation to sweep the neighbor`s market, they should not get a chance ", the source explained.

He also reminded that the Customs Union has decided on creating a supranational financial regulator, which should be in place approximately by 2015.

"We have agreed that the financial regulator will be located in Almaty. This does not negate national financial regulators, but the Customs Union level financial decisions will be made by the supranational authority", said the source.

Project Group №4