Kazakhstan ratifies Customs Union agreement for WTO members

Kazakh President Nursultan Nazarbayev has signed a ratification for a decree for the agreement on operation of the Customs Union states joining the World Trade Organization, his press-service said on Monday.

The document on functioning of the Customs Union was signed in Minsk on May 19, 2011. It is to provide full-fledged functioning of the union if one or more of its members join the WTO. The agreement also states legal grounds of obligations of members of the Customs Union in the WTO, transfer of functions for trade regulation to a super-national level, RIA Novosti reports.

Regulation of the Customs Union is becoming part of the union's legal system. The document also states priorities of sides' obligations within the WTO towards the Customs Union.

The Customs Union consists of Belarus, Kazakhstan and Russia. They have not joined the WTO yet. A working group for Russian membership in the WTO approved a protocol in early November and recommended granting of membership to Russia at a ministerial conference in December. Then Russia would need half a year to ratify documents. It will become an official member in 30 days. The process is expected to be concluded no later than in mid-2012.