(RIA Novosti) - Russia is set to step up work to from a customs union, the economics minister said Thursday.
Leaders of the Eurasian Economic Community (Eurasec) signed documents on the establishment of a customs union, which envisions no duties or taxes for imports or exports on the organization's territory, during an informal summit in Sochi in southern Russia on August 15-17, reports Trend.
"For this purpose, not only serious work to harmonize regulatory documents and principles of the countries' macroeconomic policies is needed, but also their real implementation," German Gref said.
When asked whether the decision on accelerating work to form the customs union was a response to obstacles in the way of Russia's admission to the World Trade Organization, Gref said: "I believe this is our response on a reasonable integration strategy among former Soviet republics."
Eurasec comprises Russia, Kazakhstan, Kyrgyzstan, Tajikistan, Belarus and Uzbekistan.
Initially, only three Eurasec members - Russia, Kazkahstan and Belarus - will join the customs union, as they have already harmonized most of the necessary documents.