Russia ratifies agreement on free economic zones of customs union

Russian President Vladimir Putin has endorsed the law on ratification of the agreement on free economic zones of the customs union. The document has been published on the official website of legal information, Azernews reports, citing TASS.

The agreement was signed in St. Petersburg on June 18, 2010. Accompanying papers say that it is aimed at facilitating the creation of a single economic space of EAEU (Eurasian Economic Union) member states.

The agreement sets legal structure of free economic zones that are created for supporting social and economic development of parties to the agreement, attracting investments, creating and developing production based on new technologies, developing transport infrastructure, tourism and resort sectors.

The document contains provisions regulating the issues of creation, functioning and abolition of free economic zones, types of activities carried out on their territory, as well as peculiarities of conducting customs transactions on the territory of a free economic zone, on which the customs procedure of free customs zone is applied.