Russia’s cabinet of ministers approves idea of Russian-Kyrgyz fund creation
Baku, Azerbaijan, Oct. 31
By Aygun Badalova - Trend:
Russia's cabinet of ministers approved the idea of signing an agreement on the creation of Russian-Kyrgyz Development Fund with Kyrgyzstan's government, said the information on the Russian government's official website.
The main purpose of the fund creation is to promote economic cooperation between the two countries, as well as modernization and development of the Kyrgyz economy.
In particular, the fund aims at the cooperation between the sides within the Eurasian economic integration.
In order to further develop economic cooperation between Russia and Kyrgyzstan within the framework of the Eurasian economic integration, the sides will collaborate in such spheres as agroindustrial complex, garments and textile industry, manufacturing, mining and metallurgical industry, transport, housing construction, trade, development of entrepreneurship and infrastructure.
The Kyrgyz government has officially applied for a country's accession to the Customs Union of Russia, Belarus and Kazakhstan in the spring, 2011. In October the same year the decision on the country's accession to the union was adopted and a working group was created.
The leaders of Belarus, Kazakhstan, and Russia signed a treaty on creation of the Eurasian Economic Union, also known as the Eurasian Union, in May 2014. All the three countries have already ratified the agreement on its creation. The union will officially be launched on 1 January 2015.