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Agreement on coordinated macroeconomic policies of the Customs Union member states has been submitted to the State Duma for ratification

May 17, 2011

Dmitry Medvedev submitted to the State Duma for ratification the Agreement on Coordinated Macroeconomic Policies of the Customs Union Member States.

The agreement was signed in Moscow on December 9, 2010 within the framework of the 2010–2011 action plan for creating Common Economic Space between the Republic of Belarus, the Republic of Kazakhstan and the Russian federation approved by the resolution of the Interstate Council of the  Eurasian Economic Community (supreme body of the  Customs Union) of December 19, 2009 and is aimed at deepening and accelerating integration processes of shaping the Common Economic Space.

The agreement envisages ensuring microeconomic stability and developing economies of the parties for the purposes of their better integration within the Common Economic Space; efficient cooperation of the parties in pursuing common economic policies; coordinating parameters of the major microeconomic indices of the parties for increasing sustainability of economic development and promoting conditions for advancing to closer economic integration; and designing common principles and targets for forecasting socioeconomic development of the parties.

The agreement also specifies terms and notions to be used in the Common Economic Space statutes.

May 17, 2011