Friday December 9 2022

Kyrgyzstan to ratify roadmap on accession to Customs Union in coming days

23 May 2014 13:43 (UTC+04:00)
Kyrgyzstan to ratify  roadmap on accession to Customs Union in coming days

By Aynur Jafarova

The Kyrgyz Parliament will ratify the roadmap on accession into the Customs Union of Belarus, Kazakhstan and Russia in the coming days, Kyrgyz Prime Minister Djoomart Otorbayev said.

"Today, the document is ready; it has been approved in the government and sent for the approval in the parliament. I hope that the road map will be ratified within a few days," Otorbayev noted, RIA Novosti reported.

Earlier this week the Kyrgyz Parliament held public hearing on the adoption of the roadmap on accession into the Customs Union, which was previously approved by the Cabinet of Ministers.

The Customs Union was established in 2010. The purpose of the organization is to form a single customs territory within which no customs duties or economic restrictions are applied. The Single Economic Space of the Customs Union started operating on January 1, 2012.

By entering the Customs Union Kyrgyzstan expects certain preferences for major markets of the country, the establishment of a special fund to support entrepreneurs and financial aid in the amount of about $200 million to equip customs and frontier point on the border with China, Uzbekistan and Tajikistan.

Also, after joining the union, Kyrgyzstan will be able to receive raw materials from the organization's member states at more profitable prices.

However, the accession of Kyrgyzstan to the Russian-backed Customs Union would lead to many negative consequences as well, including significant price increases in the country, which would make Kyrgyzstan dependent on other members of the organization.

Latest See more