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Under the agreement, the four countries will form a customs union that will be governed by common economic regulation mechanisms and will pursue common foreign trade, tax, monetary and financial policies.

But the agreement also sets out the right for each of the participating countries to determine the extent of its participation in forming the Common Economic Space taking into account each country’s readiness to move towards going further with the integration process.

In their political declaration, the four Presidents said that they hope this process of creating a Common Economic Space that they have initiated will receive the support of the other CIS member states.