Kazakhstan to talk over cutting oil export duties in 2012

Business Materials 28 October 2011 16:19 (UTC +04:00)

Azerbaijan, Baku, Oct. 28 /Trend E. Kosolapova/

The countries, which undersigned a treaty on establishing a free trade zone in CIS, will hold talks on cut and phased abolition of export duties, the Kazakh Oil and Gas Ministry told Trend.

The treaty is expected to become effective on January 1, 2012 after its ratification by all participant-countries.

In accordance with the document, the first round of talks will be held within six months of enactment of the Treaty.

Earlier, Ukrainian Prime Minister Mykola Azarov said Russia and Kazakhstan had agreed to cancel oil export duties for participants in a free trade zone being created within the CIS, RIA Novosti reported.

The agreement on free trade was signed in St. Petersburg by all the CIS states except Azerbaijan, Uzbekistan and Turkmenistan on October 18.

According to the agreement, legal framework of trade and economic relations between the CIS countries will be simplified and some multilateral and roughly 100 bilateral documents regulating the regime of free trade in the CIS area will be replaced.

The CIS, a loose association of former Soviet republics, consists of Azerbaijan, Armenia, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan and Uzbekistan, Ukraine.