Belarus and Kazakhstan joined Russia and signed a treaty on Thursday creating the Eurasian Economic Union to reintegrate the economies of the former Soviet Union and counterbalance the European Union. 

The move is part of Russian President Vladimir Putin's efforts to create an independent economic force that will be led by Russia that would serve as a counterweight to the growing influence of the West. 

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The treaty signing took place only after a week since Russia signed a gas supply agreement with China, which is considered one of the biggest deals between the two countries. 

Moscow planned the Eurasian Economic Union, which Putin plans to become the Eurasian Union, with hopes that it would stand toe-to-toe with the United States, China and the EU. The trading bloc currently has a combined US$2.7 trillion economy and is endowed with vast sources of energy. 

Putin said the agreement is in itself a historical milestone that opens up more opportunities for former members of the Soviet bloc. 

"I am convinced that through joint efforts we will be able to create favorable conditions for the development of our economies to maintain stability, security and prosperity in Eurasia," Putin added.

The treaty was signed at Astana, capital of Kazakhstan.  Kazakh President Nursultan Nazarbayev, during the signing ceremony, said that Armenia and Kyrgyzstan, two more former soviet states, will join the Eurasian Economic Union by the end of 2014.

However, critics of the trading bloc said that it is just mere nostalgia of the former Soviet Union.

Timothy Ash, London's Standard Bank head of emerging markets research, said that the signing of the treaty is more politically-driven than economic. In fact, he said that he doesn't see the other signatories to the treaty to be enthusiastic.

Other critics like Ash said that Putin heavily pressured its neighbors to join the new trading bloc instead of planning ways how it can be integrated within the EU.

Tagsformer soviet states, economic trading bloc, Eurasian Economic Union, Russia