Russian Envoy: Ukraine to Lose Large Export Market After CIS Exit

MOSCOW(Sputnik) - Ukraine will lose access to a large market that accounts for more than 15 percent of its exports if it were to leave the CIS bloc of ex-Soviet nations, the Russian envoy said in an interview out Friday.

Ukraine’s Foreign Ministry has drafted a proposal to quit the Commonwealth of Independent States and tear up a friendship and partnership pact with Russia.

"CIS countries are an important export market for Ukraine, accounting for some 16 percent of its exports, specifically machinery. Exit from this agreement would make it lose many rights and opportunities," Andrei Shvedov told Russia’s Izvestiya newspaper.

Shvedov said Ukraine had downgraded its ties with the CIS in the past several years, but its actions had not impeded the work of the nine-member organization. Ukraine has the status of an associate state.

Overall the CIS region had reportedly faster economic growth previous year than in 2016, with median growth rising 2 percent in 2017 and to expected growth of more than 3 percent in 2018.

The Commonwealth of Independent States is a regional organization that was formed by former Soviet Union members in the 1990s. The group aims to promote economic, political and cultural cooperation.