Russian, Belorussian and Kazakh single economic space becomes reality

Jan 03, 2012 12:00 AM

A shared economic area for three countries in the Customs Union, namely Russia, Belarus and Kazakhstan has been up and running since January 1, 2012.
The purpose of forming the Single Economic Space is to create the conditions for the sustainable and effective development of the member states and improve living standards.

The main principles are to ensure free movement of goods, services, capital and labour force across the borders of the member states.
The principle of free movement of goods sees the elimination of exemptions from free trade and the removal of restrictions in mutual trade on the basis of customs tariff unification, a common customs tariff set by policy and non-tariff measures, the use of regulatory tools of trade with third countries.

The Customs Union of Russia, Kazakhstan and Belarus has been operating since July 1, 2010. It aims to form a single customs zone where no duties or economic restrictions are used, except for special protective, antidumping and compensatory measures.
The customs bodies stopped controlling the internal borders of the Customs Union of Russia, Belarus and Kazakhstan since July 1, 2011.

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