Russia, Belarus Move to Step Up Economic Integration

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Last updated at: (Beijing Time) Saturday, April 13, 2002

Russia, Belarus Move to Step Up Economic Integration

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Russian President Vladimir Putin and his Belarussian counterpart Alexander Lukashenko agreed here Friday to take more steps to integrate the two countries' economicsystems toward creating a final Union State.

They made the decision in a joint statement, which was releasedfollowing a meeting of the Supreme State Council of the Union State of Russia and Belarus on Friday.

The two presidents, in their joint statement, stressed the needfor additional measures for creating uniform economic expanse. Thetwo countries are taking practical steps towards adopting unified economic policies and creating equal conditions for the two economies.

Before introducing the single currency of the Union State, the Central Bank of Russia and the National Bank of the Republic of Belarus will pursue a coordinated policy in order to stabilize theexchange rates of the Russian and Belarussian rubles, said the statement.

In addition, the presidents signed a number of resolutions, specifically, on the drafting of the Constitutional Act of the Union State, the procedure of forming and fulfilling the budget ofthe Union State, the creation of equal conditions in pricing, as well as on broadening cooperation in the gas industry.

Upon the conclusion of the meeting, Putin announced that the Decree of the Belarussian president lifting customs and tax benefits for Belarussian economic subjects will go into effect from May 1.

The presidents reached an arrangement to spread domestic Russian tariffs for energy to Belarus from May 1, 2002, and railway tariffs from July 1, 2002. The Russian ruble will become the two nations' single currency in 2005.

The Belarussian president wound up his working visit to Russia and left Moscow on Friday evening.

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