09:55 GMT +327 October 2016
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    MOSCOW, January 19 (RIA Novosti) - The Russian government has approved the agreement on the formation of the Common Economic Space. The agreement will be submitted to President Vladimir Putin for further ratification by the State Duma, the government information department told journalists on Monday.

    This agreement was signed by Russian, Belarussian, Kazakh and Ukrainian Presidents in Yalta on September 19, 2003.

    Its goal is to create conditions for stable and effective development of economies of the signatories and to raise living standards.

    The achievement of these goals will have a positive influence on Russia's economy, said the government information department. This is connected with common customs policy in trade between the signatories and third countries providing a higher level of protection of national commodity producers and stimulating industrial and agricultural production in the conditions of common market and growth of mutual trade turnover on this basis.

    The development of markets of capital and services, coordinated policy in privatization and tax spheres, the abolition of customs control on internal borders of the states, the creation of common customs territory and the reduction of transport stoppages are among another positive factors of the formation of the Common Economic Space.

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