CIS countries have signed an agreement on free trade in services

AK&M 08 June 2023 18:22

The countries of the Commonwealth of Independent States have signed an agreement on free trade in services. This was reported by the Ministry of Economic Development.

The Agreement is open for accession by other countries. The document will enter into force one month after its ratification with at least three States parties. For other countries – 30 days after the country's ratification. The procedure takes about a year on average.

Today's agreements should organically complement the preferences for commodity trade and stimulate the growth of trade turnover between our countries, said Maxim Reshetnikov, Head of the Ministry of Economic Development, quoted in the message.

The document, according to M. Reshetnik, regulates services directly, and on the other hand, the development of two important sectors of the economy: industry and agriculture.

The participants of the agreement are guaranteed predictable and understandable conditions of access to the markets of financial, transport, construction, tourism, educational and other service sectors of the CIS countries that signed the agreement today – Russia, Armenia, Belarus, Kyrgyzstan, Kazakhstan, Tajikistan and Uzbekistan.

Russia will retain the right to apply the current legislation to restrict foreign investment in strategic companies. Tajikistan will retain the right to restrict foreign investment in the mining industry. Uzbekistan – in the field of electricity, nuclear energy, mechanical engineering.