United Economic Space (UES)

[Dover]

MOSCOW - Russian government has approved the agreement on formation of the United Economic Space (UES) and will present it to the head of the state for bringing it out to Duma for ratification. The corresponding resolution was signed by Premier Minister of Russia Mikhail Kasyanov, Izvestia reports.

The Agreement on formation of UES was signed on Sept., 19, 2003 in Yalta by presidents of Belarus, Kazakhstan, Russia and Ukraine in the course of CIS heads council meeting.

The United Economic Space which will unite the above-mentioned countries can be characterized as “European Union minus unified currency”, according to experts. About 5-7 years will be needed to finish its formation.

Russian government expects Russia, Belarus and Kazakhstan to become the core of the UES. As regards Ukraine, it will continue to move towards integration “in its own pace, but not in its own way”, Russian expert noted, adding that “the formula of different-speed construction of a united economic space was developed especially for Ukraine. This does not mean Ukraine will not participate”.

It is understood that all the countries will take the same route, each country in its own pace, but the terms being equal for all.

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http://www.russiajournal.com/news/cnews-article.shtml?nd=42140