CIS Free Trade Zone Treaty likely to be drafted by yearend - Putin

SAINT PETERSBURG. November 19. KAZINFORM /Kanat Kulshmanov/ The new Treaty on Free Trade Zone of the Commonwealth of Independent States (CIS FTZ) is likely to be drafted by the end of 2010. Chairman of the Russian Government Vladimir Putin has said it at an enlarged session of the CIS Prime Ministers in Saint Petersburg today.

V. Putin reminded that mutual trade turnover within the CIS rose almost by a third and hit USD 120 bln in January-August 2010. "This is a very impressive figure demonstrating that we are overcoming the consequences of the temporary decline in our trade and investment ties. Conclusion of a new Treaty on the Free Trade Zone of the CIS based on today's norms of the WTO could be prepared for signing by the yearend", he said.

"This document aims at replacing the old provisions of the Free Trade Zone Agreement as of 1994 and must become a reliable legal basis for successful business partnership across the CIS space. We have discussed this issue in details in narrow format, several remarks and recommendations have been made", V. Putin added.

Russian Minister of Economic Development Elvira Nabiullina said that adoption of the new document was one of the priority issues of cooperation in the CIS and a key issue of Russia's CIS chairmanship.

According to her, the point at issue is application of the trade protection measures, uniform application of the measures of technical, sanitary and phytosanitary regulation etc.

The delegations agreed that the new Treaty should replace the existing trade agreements among the countries which number is more than 100.

The next round of the talks on CIS FTZ Treaty will be held December 21-23, 2010.