Duma ratifies agreement on the trade of services and investments in UES member states
2011-06-29 13:00:23
The State Duma adopted during the plenary session on Tuesday the federal law “On the Ratification of the Agreement of the Trade of Services and Investments in Member States of the Unified Economic Space”.
The agreement submitted by the Russian government for ratification aims to deepen and accelerate integration processes in the Customs Union as part of the UES, and also to form favorable and predictable conditions with regard to the trade of services and the conduct of investment activities, including by lifting barriers that exist in this area in UES member states.
The document stipulates to provide the national regime in the services sectors, cancel current restrictions and impose bans on the introduction of new restrictions with regard to money transfers and payments under current and capital operations in connection with the incorporation and activities carried out by institutions, and also with the trade of services. In addition, it is admitted to impose a ban on the application of quantitative restrictions with regard to the trade of services, the establishment and operations of institutions in the territory of UES member states.
In its territory each party will provide companies of another party for the participation in privatization no less favorable regime than the one provided to its own companies.
Disputes arising between the parties that relate to the interpretation and/or the application of the agreement will be settled by means of consultations and negotiations. A dispute unsettled by means of consultations and negotiations will be submitted for consideration to the court of EurAsEC.