Six CIS nations sign new free trade agreement

A new free trade agreement was signed yesterday at a summit of the Commonwealth of Independent States in St. Petersburg, the Associated Press reported yesterday. Initial signatories were Russia, Ukraine, Belarus, Kazakhstan, Armenia, Kyrgyzstan, Moldova and Tajikistan. Uzbekistan, Azerbaijan and Turkmenistan said they would consider signing the deal by the end of the year. Russian Prime Minister Vladimir Putin did not release specifics of the agreement, but said it would lower prices for goods, create better conditions for business and make signatory economies more competitive. Undisclosed experts quoted by Kommersant this morning said the main positives are that the new agreement follows WTO rules and outlines procedures for resolving disputes between CIS countries. The agreement is due to come into effect in January 2012 if ratified by each signatory.