Sunday, July 29, 2012

Ukraine ratified the agreement on free trade zone of the CIS.

Ukraine ratified the agreement on free trade zone of the CIS.
30.07.2012, Kiev 13:36:02 Verkhovna Rada of Ukraine ratified the agreement on free trade zone within the CIS. For this decision today in an extraordinary session of the deputies voted 260 for the necessary 226 votes.
Prime Minister Mykola Azarov, introducing the document, said that the country's trade turnover with CIS countries rose from 51 billion dollars in 2010. to nearly 71 billion dollars in 2011. "The share of CIS countries in foreign trade turnover of Ukraine exceeded 40%," - said the prime minister. According to him, the same rate with the EU is equal to about 30%. Mykola Azarov is sure that the formation of the contractual framework for the free circulation of goods within the CIS "fully meets the interests" of Ukraine.
Head of Ukrainian Government noted that "the provisions of articles of the treaty based on the principles and rules of the WTO." It recorded all duties and reached an agreement not to increase them and expand the list. Azarov said that Article 7 contains provisions on the development of a separate agreement in the field of transit pipelines within 6 months after the entry into force of the treaty. Mykola Azarov informed that the Cabinet of Ministers has instructed the Ministry of Energy and Coal Industry of the country to prepare this document.
"According to the calculations of Economic Development, after the entry into force of a free trade zone is expected that the volume of trade in Ukraine and CIS countries will increase by 35%, and this will facilitate and increase the GDP of the country", - said Mykola Azarov.
Note that in the Russian ratification procedures were completed in April
The agreement was signed in St. Petersburg, October 18 2011. It was signed by eight states - participants of CIS countries: Armenia, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Tajikistan, Ukraine and Russia. Work on the agreement lasted for three years, held 14 rounds of negotiations.
The agreement is intended to provide the necessary conditions for full and effective functioning of a free trade zone within the CIS and to create favorable conditions for further deepening of integration based on the rules of the World Trade Organization (WTO).

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