Entry into force of the CIS free trade area agreement will provide an opportunity to increase trade turnover between Ukraine and the countries of the Commonwealth by 35%, Prime Minister Mykola Azarov said in Parliament on Monday.

"After agreement enters into force, the volume of trade turnover between Ukraine and the CIS countries is expected to increase by more than threefold – by 35%, and this will also contribute to the growth of GDP of the country,"  Azarov said, ForUm learned from the Cabinet’s press office.

He stressed that Ukraine will considerably benefit from the introducing of the FTA within the CIS. In particular, according to the Prime Minister, the provisions of the contract are based on the forms and rules of the WTO and clearly state all the interstate export-import duties. "It was agreed not to expand these lists and not to increase the duty rate," the head of government said.

Azarov stressed that all trade disputes within the CIS from now on shall be solved under the WTO procedures and mechanisms.

The Prime Minister emphasized that there is a provision relating to the hydrocarbons transportation through trunk pipelines, which provides for the development and adoption of a separate agreement within six months after the date of the entry into force of the treaty. "We already instructed the Energy and Coal Industry Ministry along with other executive authorities to prepare a draft agreement," Azarov summed up.


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