Russia, Belarus, Kazakhstan to establish common economic space before 2012

Astana (Kazakhstan), Dec. 28 (ANI): Leaders of Russia, Belarus and Kazakhstan have announced plans to create a common economic space before 2012 to further enhance cooperation.

"We will further deepen the process of integration under the framework of the Eurasian Economic Community (EurAsEC). A common economic space will be established before Jan. 1, 2012," said Russian President Dmitry Medvedev, Belarussian President Alexander Lukashenko and Kazakh President Nursultan Nazarbaev in a joint statement at an informal meeting of leaders from ex-Soviet nations held here recently

Last month, the three leaders signed a package of documents setting up a single customs union effective from Jan. 1, 2010 in a bid to seek joint accession to the World Trade Organization.

The customs union would promote the trade among the three nations, improve the competitiveness of products and win investing opportunities. It would promote and deepen the cooperation among members of the EurAsEC and enhance the mutually beneficial and cooperative relations among ex-Soviet countries. (ANI)