The agreement on the CIS free trade zone was signed on October 18 following a meeting of the Council of Heads of Government of the Commonwealth, RIA Novosti reports.
Speaking earlier at a council meeting, Russian Prime Minister Vladimir Putin noted that it was about creating a new foundation for trade and economic relations within the CIS. He recalled that back in 1994, the CIS countries signed an agreement on the creation of a free trade zone, but that document was not ratified by many states, including Russia. Therefore, the contract did not actually work. Work on a new document has been going on for almost ten years.
The agreement provides for the simplification of the legal foundations of trade and economic relations between the countries that will sign it, replacing a number of multilateral and 100 bilateral documents regulating the free trade regime in the commonwealth space today.
An agreement was also signed on the basic principles of the policy in the field of currency regulation and currency control in the CIS countries, as well as a decision on the concept of strategic development of the railway transport of the Commonwealth countries until the 2020 year.
A total of 28 documents were signed.
The CIS includes Azerbaijan, Armenia, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan, Turkmenistan, Uzbekistan and Ukraine.