COMMON ECONOMIC SPACE AGREEMENT RATIFICATION WILL BOOST UKRAINIAN ECONOMY

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KIEV, April 20 (RIA Novosti) - Ratification by the Ukrainian parliament of the agreement on the creation of the Common Economic Space (CES) of Belarus, Kazakhstan, Russia and Ukraine will make it possible to take Ukraine's economy to a qualitatively new level of development.

RIA Novosti was told in the Ukrainian government's press service that this opinion was voiced by Prime Minister Viktor Yanukovich who commented on the ratification of the CES creation agreement.

In his words, the adoption of a decision to ratify this agreement "is in line with Ukraine's interests, taking into account that the national economy is in many respects oriented to export, while the CES creation is a means of stable and efficient development of the economy." The formation of the CES, in Yanukovich's words, opens a new stage of economic integration of these countries. "This is an inevitable process underway worldwide," he said.

Speaking about the prospects of formation and development of the CES, Yanukovich said the main aim of this was creation of a free trade zone without restrictions and withdrawals, of conditions for unhindered movement of goods, services, workforce and capitals, as well as reinforcement of regional cooperation.

Each country determines the depth of cooperation and participation in the project on its own, which "is evidence of respect for each state's sovereign rights," Yanukovich added.

On Tuesday, Ukraine's parliament ratified the agreement on the formation of the common economic space, as well as the Treaty on the Ukrainian-Russian state border and the Treaty on Russo-Ukrainian cooperation in the use of the Azov-Kerch water area.

The agreement on the formation of the CES was signed in Yalta on September 19, 2003 by the presidents of Ukraine, Russia, Belarus and Kazakhstan.

In line with the document, customs territories of the member countries are joined within the CES. With account for the four states' economic systems, unified principles are worked out, which ensure free movement of goods, services, capitals and workforce.

By means of pursuing a unified foreign-trade and coordinated tax, monetary-credit and currency-financial policy, a common regional market will be created.

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