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Laws ratifying agreements on common principles and rules of competition, coordinated principles of monetary policy and coordinated macroeconomic policy between Russia, Belarus and Kazakhstan

July 17, 2011

Dmitry Medvedev signed federal laws ratifying Agreements on common principles and rules of competition, Agreements on coordinated principles of monetary policy and Agreements on coordinated macroeconomic policy.

The agreements were signed in Moscow on December 9, 2010.

The Agreement on common principles and rules of competition is aimed at ensuring the free movement of goods, services and capital, harmonising national legislation on competition and prohibiting actions that could negatively influence mutual trade by the parties. It is also intended to ensure the freedom of economic activities and the effective operation of commodity markets on the common customs territory of the Customs Union member states.

The Agreement on coordinated principles of monetary policy was developed pursuant to the Customs Union Resolution of January 27, 2010 On Organising Work to Form the Common Economic Space of the Republic of Belarus, the Republic of Kazakhstan and the Russian Federation for 2010–2011. The Agreement contemplates the implementation by the parties of monetary policy based on basis of harmonising and converging approaches to its formation and implementing organisational and legal conditions on a national and international level to develop integration processes in the monetary sector.

The Agreement on coordinated macroeconomic policy was signed as part of implementing the Action Plan to form the Common Economic Space between the Republic of Belarus, the Republic of Kazakhstan and the Russian Federation for 2010–2011, as approved by the decision of the Interstate Council of the Eurasian Economic Community (the supreme body of the Customs Union) of December 19, 2009.

This agreement stipulates ensuring macroeconomic stability and the development of the parties’ economy to deepen integration within the Common Economic Space, effective cooperation between the parties within the common economic policy framework, coordination of key macroeconomic indicators to increase sustainability of macroeconomic development and create conditions for reaching higher levels of economic integration, and development of common principles and forecasting guidelines for the parties’ socioeconomic development.

July 17, 2011