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%.
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