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The Agreement on the Formation of the Common Economic Space (CES) was drafted by the authorised delegations of Belarus, Kazakhstan, Russia and Ukraine (High-Level Group) and signed by the Presidents of these countries on September 19, 2003 in Yalta.

The agreement states that the CES is being formed to create conditions for the stable and effective development of the economies of its member states and raising the living standards of their populations.

The agreement defines the CES as the economic space that integrates the customs territories of the parties. Within that space, mechanisms of economic regulation based on common principles are applied, which ensure free movement of goods, services, capital and labour, a common foreign trade and coordinated tax, monetary and fiscal policies.

The parties outlined the tasks that ensure the gradual deepening of integration within the CES, the main stages being the formation of a free-trade zone without exemptions or limitations, introduction of uniform principles of development and application of technical regulations and standards, and harmonisation of macro-economic policy and legislations of the parties.

The processes of the formation and management of the CES are to be coordinated by the corresponding agencies, whose structure will be determined with due account of the levels of integration.