Uzbekistan has signed an agreement on free trade in services and investment within the framework of the Commonwealth of Independent States (CIS), Kommersant has reported.
The agreement, developed over the course of 10 years, was signed on June 8 at a meeting of the CIS heads of government in Sochi.
The document guarantees access to markets in services by eliminating various restrictions in the fields of finance, transport, construction, consulting, education, healthcare and tourism.
According to the head of the Russian Ministry of Economy, Maxim Reshetnikov, the agreement also eases working conditions for business in industry and agriculture. Investors from CIS countries are to obtain the same conditions as local entrepreneurs.
However, the signatory countries identified sensitive sectors that will not be covered by the agreement. For example, Uzbekistan will retain the right to apply legislative restrictions on foreign investments in electricity, nuclear energy and mechanical engineering.
Services account for more than half of the GDP of the CIS member states.
Officials who worked on the agreement predicted its implementation over the short term would increase overall trade turnover by 1.1% and mutual trade in services by 8%. Total exports of services would grow by around 5% and mutual imports of services by around 3%.
Related Articles
Nairobi confirms Kenyan nationals joined Russian forces as recruitment networks draw scrutiny
Kenya has for the first time publicly acknowledged that some of its citizens have been recruited to fight in Russia’s war against Ukraine, following investigative reports detailing how young people ... more
Belgium threatens to block Ukraine reparations loan unless EU shares risks
Belgium has warned it will block a proposed reparations loan to Ukraine backed by frozen Russian assets unless other EU countries agree to share legal and financial risks, Belgian Prime Minister Bart ... more
Russia ready to cooperate with Iran on nuclear issues, says Peskov
Russia will continue to cooperate with Iran including in the field of “peaceful nuclear energy”, Kremlin spokesman Dmitry Peskov said on October 20, Vedomosti newspaper reported. ... ... more