The Agreement on the Establishment of the Common Economic Space was drafted by the High Level Group—competent delegations of Belarus, Kazakhstan, Russia and Ukraine. The Presidents of the four countries signed it in Yalta on September 19, 2003.
The agreement said that the Common Economic Space was established to promote sustained and effective economic development of the member countries and raise the living standards of their population.
According to the agreement, the Common Economic Space united the customs territories of the parties. Economic mechanisms functioning there rested on unified principles guaranteeing free movement of commodities, services, capital and workforce. The parties vouched to follow unified foreign trade policies, and coordinate fiscal, monetary-crediting, financial and currency policies to an extent necessary for equal competition and macro-economic stability.
The parties set objectives for gradual integration in the Common Economic Space, with an emphasis on the formation of a free-trade zone without confiscations and limitations, unification of the principles of elaborating and implementing technical rules and standards, and harmonisation of the parties’ macro-economic policies and legislations.
The parties should determine, with due account for the extent of integration, the structure of agencies for coordinating the formative processes of the Common Economic Space and its management.