The Customs Union between Russia, Belarus and Kazakhstan will provide a platform for cooperation between government and business, Russian President Dmitry Medvedev told a meeting on the investment climate in Russia's Sochi on Monday.

"The creation of tools and intergovernmental mechanisms is not the final goal [of the Customs Union]," Medvedev said. "It is a means for building favorable business conditions."

The three countries ratified the Customs Code, making the Customs Union fully operational on July 6.

Work on the project is running smoothly and foreign investors are interested in cooperating with the Customs Union, the president said.

"It is a prosperous, growing market with a significant number of consumers and a total population of 175 million people," Medvedev said.

The three states plan to scrap their customs borders on July 1, 2011. They will then form a united economic space with common business rules on January 1, 2012.

The former Soviet states of Kyrgyzstan and Tajikistan have expressed interest in joining the union.

SOCHI, August 16 (RIA Novosti)