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12 November 2021, 13:29

Russian PM: Agreement on free trade in services to boost economic cooperation in CIS

MINSK, 12 November (BelTA) - An agreement on free trade in services will provide more opportunities for increasing economic cooperation between the CIS countries, Russian Prime Minister Mikhail Mishustin said at a regular meeting of the CIS Heads of Government Council, which took place as a video conference on 12 November, BelTA has learned.

“The pandemic was a serious test for our states and the whole world and caused a decline in business activity. However, the economies of the CIS member states are gradually recovering. Thus, in H1 2021, mutual trade went up by almost 27%, foreign trade - by more than a quarter, gross domestic product volume in the CIS increased by 4.5%. Cargo transportation and industrial production are on the rise. These results were achieved also thanks to the operative measures that we took to ensure the stability of the single commodity market. The agreement on free trade in services will provide even more opportunities for increasing economic cooperation. Services account for over half of the CIS gross product,” the Russian prime minister said.

According to him, significant progress has been made this year to harmonize this important document. “It is necessary to complete the negotiation process and reach the signing. We expect that the circle of participating states will be as wide as possible,” Mikhail Mishustin emphasized.

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