The Eurasian Economic Union, abbreviated by EAEU or EEU, is an international economic union of countries located in northern Eurasia. The EAEU provides for the free movement of goods, services, capital, and labor; and pursues coordinated, harmonized, and single policy in the specified sectors of the economy. The economic union was established via the Treaty on the Eurasian Economic Union and entered into force on January 1, 2015. The founding member states are Belarus, Kazakhstan, and Russia. Both Armenia and Kyrgyzstan signed accession treaties with the EAEU in 2014, which entered into force on January 2, 2015 and August 12, 2015 respectively. The main objectives of the EAEU are to upgrade the competitiveness of the member states economies, increase cooperation among member states, and to promote stable development in order to raise the standard of living in all member states.