Russian State Duma has ratified the agreement on free trade zone of the Commonwealth of Independent States (CIS), the lower house of Russia’s parliament said. The agreement was signed in St. Petersburg on October 18, 2011 during a meeting of the Council of CIS Heads of States.
This Agreement will provide the necessary conditions for full and effective functioning of a free trade zone within the CIS and create favorable conditions for further deepening of integration based on the norms of the World Trade Organization.
The Agreement is fundamentally different from the current treaties of CIS is an enforcement tool for the Parties that violate the approved agreement, to fulfill their obligations.
Along with the typical provisions of such agreements on the abolition of import duties the Agreement includes mutual commitments of the Parties to ensure non-discriminatory application of the rules of non-tariff regulation, the provision of national treatment, as well as clear, relevant international practice rules on subsidies.
The free zone agreement will replace the currently existing between the CIS member states free trade agreements, both bilateral and multilateral.
The free zone agreement was signed by eight countries: Armenia, Belarus, Kazakhstan, Kyrgyz Republic, Moldova, Russian Federation, Tajikistan and Ukraine.