Armenia has approved signing of the agreement on the free trade zone with the CIS, Minister of Economy Tigran Davtyan said, News Armenia reports.
He clarified that trade is realized based on bilateral agreements. The new document will form the legal basis of the free trade zone in the CIS.
Davtyan noted that the deal took into account removal of a type of goods. The talks have almost been concluded. The document will include all earlier bilateral agreements on free trade signed with the CIS. It will stimulate commerce, export and expansion of economic cooperation.
Trade between CIS states will be custom-free. There will be no provisos besides the ones stated in the document. The proviso on one type of goods is temporary and will remain in force until 2014.
The minister said that the agreement will come into force after signing and ratification by all sides. It will take time, he added.
