Uzbekistan ratifies agreement on CIS free trade zone

Business Materials 13 December 2013 17:46 (UTC +04:00)

Tashkent, Uzbekistan, Dec. 13

By Demir Azizov - Trend:

At a meeting held on Dec. 13 the Senate (upper chamber of parliament) of Uzbekistan approved the law "On ratification of the Protocol on the application of the Agreement on Free Trade Zone, dated October 18, 2011 between its parties and the Republic of Uzbekistan."

The agreement was signed on October 18, 2011 for a proper and efficient functioning of the free trade zone, creation of conditions for free movement of goods and integration into the global economy and the international trading system.

The document defines the legal frameworks of relations between Uzbekistan and the agreement participants.

Two annexes to the protocol, which are the integral part of the agreement, define customs duties on imports and exports, as well as prohibitions and quantitative restrictions (quotas) to be cancelled in line with Article 3 of the agreement.

This includes expansion of legal areas for functioning of the free trade zone and Uzbekistan's participation in this mechanism in the CIS area, on the basis of norms and rules of the World Trade Organization (WTO).

Uzbekistan became the ninth member of the CIS Agreement on Free Trade Zone. The document is in force in Armenia, Belarus, Kazakhstan, Moldova, Russia, Ukraine, and Kyrgyzstan. Tajikistan also signed it but has not yet ratified it.

In Uzbekistan the law will be sent for signature to the country's president Islam Karimov and shall enter into force after the approval by the head of state.

Translated by E.A.

Edited by C.N.