Ratification of CIS FTA agreement to finish by end of year, says CIS Executive Committee

11:43, 19.10.2012 1 min read

First Deputy Chairman of the Executive Committee of the Commonwealth of Independent States (CIS) Vladimir Garkun has said that the process of the ratification of the agreement on a free trade area (FTA) within the CIS will be over by the end of 2012.

"There is every reason to assume that the ratification process will be over by the end of 2012, and in 2013 the agreement will take effect in all countries," Garkun said at a meeting of the CIS Electric Power Council in Minsk on Friday.

He noted that on September 20, 2012 the agreement took effect in Belarus, Russia, and Ukraine. In addition, the document has been ratified by Armenia, Kazakhstan, and Moldova.

Garkun also expressed hope that the FTA agreement will contribute to the economic development of the CIS countries and help them to enter the World Trade Organization.