Kazakh minister: Issue of creating single currency within Customs Union is under consideration

Business Materials 4 May 2011 11:22 (UTC +04:00)

Kazakhstan, Astana, May 4 / Trend A.Maratov /

The issue of establishing a single currency within the Customs Union is still pending, Kazakh Economy Minister Kairat Kelimbetov said at a press conference in Astana in the framework of the IV Astana Economic Forum.

"This issue will be discussed and considered," Kelimbetov said.

It is important to understand how to carry out mutual settlement amid growing trade interrelation of the three countries - Russia, Belarus and Kazakhstan - he said.

A decision to create a Single Customs Union of Belarus, Kazakhstan and Russia was made at the Eurasian Economic Community (EEC) leers meeting in Sochi on Aug. 16, 2006.
The first stage of forming a unified customs territory of the Single Customs Union was completed in 2010. Based on the plans, the transfer of customs and other kinds of state control on the external borders of the Single Customs Union must be completed by July 1, 2011. This will allow for unimpeded movement of goods through the Single Customs Union territory as mutual (internal) trade.

Kyrgyzstan and Tajikistan now considers whether to join this organization.

In April, the Kyrgyz government unanimously approved the membership of the Kyrgyz Interdepartmental Commission for the accession to the Customs Union and Common Economic Union.

The IV Astana Economic Forum on the topic "Global challenges and prospects of development: ways to mutual progress" was launched on Tuesday. The Forum, designed to run for two days, includes 18 events in three major directions: global economics, finance, business, investment, society and sustainable development, the organizers reported. Overall, more than 3,000 people are participating in the event.