Russia and Ex-Soviet States Set Up Free Trade Zone

Posted October 18th, 2011 at 4:05 pm (UTC-5)
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Russian Prime Minister Vladamir Putin has announced a free trade agreement that includes Ukraine and several other former Soviet republics.

Mr. Putin announced the agreement Tuesday after what he termed “long and constructive negotiations” at a Commonwealth of Independent States summit in St. Petersburg. The CIS bloc of 11 nations was formed shortly after the fall of the Soviet Union.

Some Baltic nations did not sign the agreement, but Azerbaijan and Turkmenistan said they would consider doing so before the end of the year.

Mr. Putin said the agreement will scrap export and import duties on some goods. He did not specify which goods are covered by the agreement.