Translated with AI
CIS Secretary-General Sergei Lebedev stated in an interview with RIA Novosti that the entry into force of the Agreement on Free Trade in Services, Establishment, Operation, and Investment within the Commonwealth takes integration to a new level, according to the press service of the Organization's Executive Committee.
"I would especially like to note the entry into force of the large-scale Free Trade Agreement for Services, the establishment, operation, and investment of which has been approved by the majority of its participating states: Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, and Tajikistan. The necessary procedures are being completed in Uzbekistan. This marks a new level of integration, opening up opportunities not only for goods but also for capital, expertise, and, ultimately, joint business projects," the CIS Secretary General said.
Citing expert assessments, he reported that a single market in the services and investment sector would increase trade turnover between CIS countries by 1.1% in the short term, mutual trade in services between the agreement participants by 8% to 25%, and increase mutual investment by 30%.
Sergey Lebedev also noted that the CIS has approved a set of measures to attract and stimulate mutual investment within the CIS through 2030, creating additional incentives for business cooperation.
"In this regard, I would like to note that the CIS Executive Committee has systematized information on special economic zones, industrial and agricultural parks in the CIS countries, their contacts, specializations, and so on. This "navigator" of sorts for investors will soon appear on the CIS Executive Committee portal and will become a convenient tool for businesses seeking growth opportunities," the Secretary-General added.
The Agreement on Free Trade in Services, Establishment, Operation, and Investment, signed within the Commonwealth of Independent States in 2023, entered into force on June 5, 2024, for Belarus, Kyrgyzstan, and Tajikistan. The free trade zone in services subsequently expanded as other CIS members completed their domestic procedures for the agreement's entry into force. The Agreement is based on core international treaty practices and aims to create transparent and stable conditions for access to the services, industrial, and agricultural sectors of the signatory states, as well as to intensify trade and economic cooperation within the Commonwealth.
Since 2012, a free trade regime for goods has been in effect within the Commonwealth.
