The Eurasian Economic Union has been created out of the Russian Customs Union and is initially to be a free trade and economic zone. It is expected to expand from that of Russia, Kazakhstan, Belarus, Armenia and Kyrgyzstan to include Tajikistan as well as other countries, in particular a number of post Soviet states, and came into being on 1st January 2015.
As it is currently structured, the Union is the EU's third largest trading partner representing some 10.8% of its global trade. However, if the Union reaches its full potential it could see that figure increase to 15.2%, based upon existing levels of trade, and become Europe's largest trading partner ahead of both the USA and China, who claim 14.2% and 12.5% respectively.
The practical advantages of the Union are already being felt on a daily basis with citizens of member states able to travel throughout all of its territories without the need for an international passport. Businesses are feeling the benefit as they can now export into the Union with unified customs documentation and logistical freedoms that eventually will eliminate the need for internal cross boarder customs checks.