CIS heads of governments sign several important documents at Ashgabat summit

Turkmenistan Materials 30 May 2012 19:29 (UTC +04:00)

Turkmenistan, Ashgabat, May 30 / Trend H. Hasanov /

The heads of the governments of the CIS countries, who gathered at a summit in Ashgabat on Wednesday, have signed several documents on various aspects of the integration cooperation of the CIS member-states, the official Turkmen source said today.

The list of the approved projects is the issue of making a conception on market liberalization of financial services of the CIS member-states. This will be the basis for making a strategy of developing financial services markets of the CIS member-states and measures on their liberalization. It is an additional mechanism for international cooperation in the financial sector to build and to modernize the potential for rapid anti-crisis response and countering new threats and challenges.

A draft agreement on cooperation in organizing an integrated currency market of the CIS member-states was approved.

The agreement was worked out to develop the provisions included in the institutional framework and the principles of building an integrated currency market of the CIS member-states, approved by the Board of CIS heads of governments as of April 25, 2003.

According to the regulations, each party provides the resident-banks of other parties entitled to carry out foreign exchange transactions, with the access to their national currency market to conduct inter-bank market conversion transactions on the same favorable terms as for resident- banks of this side.

The protocol amending the agreement on the parallel operation of power systems of the Commonwealth members dated November 25, 1998 was approved.

Along with the agreement, this protocol is expected to create the necessary legal conditions over the next decade to improve functioning of the CIS common electric power market, expanding trade in electricity, improving the coordination of parallel operation of power systems, the reliability of electricity supply in the CIS member-states and energy security of the Commonwealth.

An agreement on cooperation in the field of industry and the establishment of the Council on Industrial Policy of the CIS member-states was adopted.

The main areas of cooperation envisaged in the draft agreement include the development of mutually agreed decisions, coordination of joint actions aimed at increasing the competitiveness, creating joint ventures, transnational companies and financial-industrial groups, making joint actions to counter the export expansion of industrial products to the markets of the member-states and several others.

The Council of CIS Heads of Governments also supported Uzbekistan's intention to become a participant to the Treaty on Free Trade Zone on October 18, 2011.

Several more documents were signed at the Ashgabat summit.