OREANDA-NEWS. July 31, 2012. Entry into force of the Agreement on the FTA within the CIS will provide an opportunity to increase trade turnover of Ukraine with the countries of the Commonwealth by 35%.

This was announced in Parliament on Monday by Prime Minister Mykola Azarov.

"The volume of trade between Ukraine and CIS countries will increase by more than one-third - 35% after the entry into force of the treaty and this would facilitate increase of the GDP of the country" - Mykola Azarov said.

He stressed that the implementation of the FTA within the CIS, Ukraine will receive a number of advantages. In particular, according to the Prime Minister, the provisions of the contract based on the forms and rules of the WTO and it clearly registered all the inter-state export-import duties. "It was agreed not to expand these lists and not to increase the rate of duty," - said the Head of Government.

Mykola Azarov stressed that all trade disputes within the CIS will now be dealt with on the procedures and mechanisms of the WTO, under which the parties may refer controversial issues for consideration to the expert committee.

The Prime Minister emphasized that there is a provision in the contract and on the transit of hydrocarbons by trunk pipelines, according to which provides for the development and adoption of a separate agreement within six months from the entry into force of the treaty. "We have already instructed the Ministry of Energy and Coal Industry along with other enforcement authorities to prepare a draft of such an agreement" - Mykola Azarov summed.