CIS to sign new free trade zone treaty in 2011

ST. PETERSBURG. November 15. KAZINFORM /Yelena Myagkova/ The CIS Executive Committee expects that the CIS Free Trade Zone Treaty will be signed in the first half of 2011, the press service of the Committee cites Deputy Chairman of the Executive Committee - CIS Executive Secretary Vladimir Garkun.

The currently functioning document was adopted in 1994. Over 20 amendments have been introduced in it since that time. Due to accession of new states, intention of several CIS states to join the WTO and establishment of the Customs Union the necessity of modernizing the legal framework of the international trade relations has arisen.

The draft treaty was developed by the Russian Federation. Their main provisions are based on the WTO norms and rules.