Ukraine ratifies free trade agreement within CIS

2012-07-30 11:15:37 GMT2012-07-30 19:15:37(Beijing Time) Xinhua English

KIEV, July 30 (Xinhua) -- The Ukrainian parliament on Monday ratified an agreement to establish a free trade area within the Commonwealth of Independent States, the parliament's press service reported.

"We have active trade and economic cooperation with the CIS countries. The agreement will boost commodity circulation between our states," Prime Minister Mykola Azarov said in a statement.

The new agreement, signed in October 2011 by eight CIS countries, will help protect the interests of Ukrainian producers, Azarov said, and provide better access for their goods in the markets of CIS member countries.

The creation of the free trade area will reduce trade costs and eliminate duties on a number of goods moving between members countries.

The prime ministers of all CIS countries except Azerbaijan, Uzbekistan and Turkmenistan signed the treaty on Oct. 18, 2011. Russia ratified the agreement on March 28.

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