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Doctors Medicines MCQs Q&A

  1. Andean Community
  2. European Union
  3. Eurasian Economic Union
  4. CARICOM Single Market and Economy
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1 Answers

Option 3 : Eurasian Economic Union

The correct answer is Eurasian Economic Union.

 

  • The economic union of states located in Eastern Europe, Western Asia, and Central Asia is the Eurasian Economic Union (EAEU).
  • On 29th May 2014 the Treaty on the Eurasian Economic Union was signed by the leaders of Russia, Belarus, and Kazakhstan.
  • It came into force on 1st January 2015.
  • Kazakhstan, Kyrgyzstan, Russia, Belarus, and Amenia are members of the Eurasian Economic Union.
  • The official/ working language of the Eurasian Economic Union is Russian.
  • Cuba, Moldova, Uzbekistan, and Iran are observer countries in Eurasian Economic Union.
  • It encourages free movement of goods and services, competition and antitrust regulations, provides for common policies in the macroeconomic sphere, technical regulations, foreign trade, and investment, etc.
  • The chairman of the Board of the Eurasian Economic Commission is Mikhail Myasnikovich. (May 2022)

  • European Union:
    • The European Union is a group of 27 countries and was formed in the year 1993.
    • It is headquartered in Brussels, Belgium.
    • The purpose of the European Union is to:
      • Promote peace among nations.
      • Establish a unified economic and monetary system.
      • Promote inclusion and combat discrimination.
      • Break down barriers to trade and borders.
      • Encourage technological and scientific developments.
      • Environmental protection campaign.
    • The United Kingdom left the European Union membership in the year 2020 taking the total tally to 27 member countries.
  • CARICOM Single Market and Economy (Caribbean Single Market and Economy)
    • It is a group of 15 member countries (currently 13 active) and was formed in 1989 at Grande Anse, Grenada.
    • This treaty has transformed the Common Market into the Single Market.
  • Andean Community (CAN)
    • It was formed on 26 May 1969, in Quito, Ecuador.
    • The Headquarters of CAN are located in Lima, Peru.
    • It is a South American organization founded to encourage industrial, agricultural, social, and trade cooperation.
    • It is a trade bloc of four countries - Bolivia, Colombia, Ecuador, and Peru.
    • Chile, Argentina, Brazil, Paraguay, and Uruguay are associate members while Panama, Mexico, and Spain are Observers.
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