The four heads of state invited other countries that share the goals and principles of the agreement to join.
The document envisages the integration of the customs territories of the countries where common economic mechanisms would ensure the free movement of goods, services, capital and labour. Common foreign trade, tax, fiscal and monetary policies will be pursued.
The CES will be formed step by step allowing for varying-level and various speed integration, the agreement stresses.
The agreement also stresses that Russia, Ukraine, Belarus and Kazakhstan will align their positions during the course of WTO accession talks.
In forming the CES, the experience and legislation of the European Union will be taken into account, the document says.
The Presidents of Belarus, Kazakhstan, Russia and Ukraine issued a political statement after signing the CES agreement. “The cooperation of the four, the statement stresses, is developing in the mainstream of varying-format integration processes in the CIS. It has an open character and we expect that building the common economic space we have initiated will have the backing of the other Commonwealth states.”