The Eurasian Economic Community, comprising Belarus, Kazakhstan, Kyrgyzstan, Russia, Tajikistan, and Uzbekistan, seeks to create a customs union and common economic space, and to harmonize tariffs. Armenia, Moldova and Ukraine have an observer status in the organization.
The participants of the Eurasec Interstate Council prime ministers' meeting approved a draft joint statement on Eurasec budget policy for 2008.
The document says the GDP of Eurasec member-countries grew by 7%, industrial output - by 4%, agricultural production - by 3% in 2006, year-on-year. The volume of trade between the members increased by 30% during the same period to $70 billion.
The statement stipulates that the Eurasec budget policy will be aimed at streamlining the distribution of revenue and the prompt and transparent allocation of membership fees in the organization's budget.
In addition, the prime ministers adopted a concept of unified social policy that envisions the creation of a common labor market and free travel for citizens within Eurasec. The final goal of this concept is to form a unified social space with common social standards.
The meeting participants agreed that Eurasec members should intensify their efforts to create a unified economic space that would boost the development of national economies and ensure equal access to domestic energy markets.
"Cooperation in the oil and gas sector between countries of the Eurasian Economic Cooperation organization will broaden as integration between its member-states becomes stronger,"
Russian Prime Minister Mikhail Fradkov said at a news conference after the meeting.
Meanwhile, The Eurasian Economic Community's secretary general, Grigory Rapota, said the preparation of a legal framework for the customs union is the main goal in the strategic development of the organization in the near future.
"The key issue in the strategic development of Eurasec today is forming the customs union," he said.
The customs union envisions no duties or taxes for imports or exports within the organization's territory. Initially, only three Eurasec members - Russia, Kazakhstan and Belarus - will join the customs union, as they have already coordinated most of the necessary documents.
The next meeting of Eurasec Interstate Council prime ministers has been scheduled for October 2007 in Moscow.
