You're reading: Medvedev signs bill ratifying CIS free trade area agreement

Moscow - Russian President Dmitry Medvedev has signed a federal bill titled, "Regarding the ratification of the Free Trade Area Agreement," which was passed by the State Duma on March 20 and approved by the Federation Council on March 28.

The federal bill ratifies the Free Trade Area Agreement signed in St. Petersburg on October 18, 2011.

The agreement sets out the conditions required for proper and effective functioning of the free trade area across the Commonwealth of Independent States and will create favorable conditions for further deeper integration based on the World Trade Organization (WTO) standards.

The Agreement is different from other ones effective in the CIS in that it stipulates a tool (the rules for dispute resolution) compelling defaulting parties to perform their obligations.

The Agreement also sets out the parties’ obligations to guarantee non-discriminatory application of the non-tariff regulation rules, to provide a national regime, as well as clear subsidizing rules in accordance with the international practice.

The agreement supercedes current free trade agreements between the CIS member states, both bilateral and multilateral ones.