News
14.08.2012
Free trade zone with CIS to work since September
Ukraine's free trade zone with the Commonwealth of Independent States will start working in September 2012, Andrei Kushnirenko, director of the economic department at the CIS Executive Committee, told the UKRINFORM correspondent in the Russian Federation.
"The new treaty on a free trade zone will become a reality in mid-September. Under the rules, the treaty becomes a subject of international law 30 days after the Executive Committee receives a third notification of its ratification. If the President of Ukraine signed the relevant law on August 9, in the middle of August we will get a notification and the counting of 30 days will start," Kushnirenko said.
He noted that the CIS free trade zone agreement will replace a large number of bilateral agreements, as well as the CIS FTZ instrument of 1994. At the same time, WTO rules will be applied among the Commonwealth countries that have joined the World Trade Organization.
The situation where there are multiple responses to one question allows each party in the case of trade wars and conflicts to appeal to different documents, which does not lead to a settlement of the situation, the source said.
Thus, according to Kushnirenko, the main advantage of the new agreement is that it provides clear rules of the game. "Russia, like other countries, gets clarity in its relations with the countries that have signed the document. We're moving from three packs of regulatory documents to one," he said.
