Ukrainian parliament ratifies CIS free trade zone agreement
KYIV. July 30 (Interfax) - The Ukrainian Verkhovna Rada ratified the CIS free trade zone agreement with 260 votes at a special session on Monday.
The feasibility study of the draft law "On the free trade zone agreement ratification" posted on the Verkhovna Rada website said that the agreement would have a good effect on the Ukrainian economy and might increase GDP by 2.5%.
"Therefore, just one integral indicator - GDP - will grow by approximately 37.5 billion hryvni. State budget revenues may additionally increase by approximately 9.4 billion hryvni per annum," the document said.
It described as key advantages of the agreement the commitments not to increase duties on commodities excluded from the free trade zone regime, not to introduce new restrictions in mutual trade, to set deadlines for validity of import exceptions, to cancel export duties, to reduce the number of trade and economic agreements between CIS states and to settle commercial disputes with WTO mechanisms and procedures.
An explanatory note says, "the formation of the CIS free trade zone and its functioning will be a priority of CIS member states set by the CIS economic development strategy in the period until 2020 approved by the CIS Council of Prime Ministers on November 14, 2008."