The Agreement was signed in St Petersburg on May 21, 2010. Its signing was necessitated by the need to establish a legal basis for the Customs Union within the framework of the Eurasian Economic Community (EurAsEC).
The Agreement was developed to facilitate exchange of information that will help ensure compliance with customs legislation of the Customs Union and the legislation of its member states; conducting certain types of customs control; and mutual recognition of decisions made by customs authorities of Customs Union member states.