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    MOSCOW, January 3rd, 2004 (RIA Novosti correspondent) - Trade turnover between CIS nations is expected to reach $77 billion in 2003, Yuri Yarov, chairman of the Executive Committee and CIS Executive Secretary, said in a RIA Novosti interview Saturday.

    "This figure will finally exceed the pre-crisis 1997 indicator," he said.

    "Mutual capital circulation of the CIS countries will also grow, making a real basis for further integration," Yarov noted.

    However, he continued, CIS countries, with their population making 5% of the world's, having 10% of the world's industrial potential and 25% of the international reserves of essential natural resources, account for merely 2% of global trade turnover.

    "CIS nations are seeking to rely on international regional communities' experience in using their own rich potential for consistent formation of a common economic space," said the Chairman of the CIS Executive Committee.

    In 2003 the Council of CIS Leaders took the decision to instruct the Council of CIS Premiers to draft proposals on economic co-operation till 2010.

    "It is based on the accumulative integration potential resulting from harmonised economic legislation," Yarov said.

    According to him, this document also contains a system of measures to further promote economic integration between CIS countries, worked out by a working group, founding CIS bodies, interstate and intergovernmental councils.

    The plan is aimed to eliminate consistently mutual trade barriers, to establish an efficient clearing system and to form a relevant legal base for fair competition on national markets, said Yarov.

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