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The meeting discussed coordinated structural reform of the member states’ economies in 2000–2005 and the implementation of decisions made by the Intergovernmental Council at its meeting on May 23, 2000.

The council decided that the main areas for structural reform in the economies of the five member states are maintaining macroeconomic stability, forming a competitive environment for producers, improving the investment climate and ensuring energy independence and food security.

The council decided to transform the Customs Union into the Eurasian Economic Community. The Presidents of the five member states signed an agreement founding the new organisation and adopted the according declaration.

Following the meeting, Mr Putin answered questions from the media.