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«AgroInvest» — News — Free trade area in CIS will increase Ukraine's commodity turnover with Commonwealth countries by 35% - Azarov

Free trade area in CIS will increase Ukraine's commodity turnover with Commonwealth countries by 35% - Azarov

2012-07-30 17:14:45

Coming into force of the Free Trade Agreement (FTA) with the CIS will enable increasing commodity turnover of Ukraine with Commonwealth countries by 35%.

Prime Minister Mykola Azarov has said about this at the Parliament on Monday, a UKRINFORM's correspondent reports.

“Following the agreement comes into force, it is expected that trade volumes of Ukraine with CIS countries will increase by over one third - by 35%, and this will promote growth of the country's GDP,” Azarov said.

He stressed that Ukraine will receive a number of advantages from introduction of the free trade area in the CIS. In particular, according to the Prime Minister, provisions of the agreement are based on the WTO forms and rules, and all interstate export-import duties are clearly fixed in it. “An agreement was reached not to expand those lists and not to increase the duty rates,” the head of state noted.

Azarov emphasized that all trade disputes within the CIS frames will be solved from now on within WTO procedures and mechanisms, in relation to which the parties may submit settlement of disputable issues to consideration of an expert commission.

The Prime Minister stressed that there are provisions in the agreement concerning transit of hydrocarbons by main pipelines, according to which development and conclusion of a separate agreement is envisaged over six months since the agreement comes into force. “We have already instructed the Energy and Coal Industry Ministry jointly with other executive power bodies to prepare this draft agreement,” Azarov summed up.


 

Ukrinform