The Cis Free Trade Zone Agreement (CFTZA) is a regional agreement between countries of the Commonwealth of Independent States (CIS) aimed at promoting free trade and economic integration among member states. The agreement was signed in St. Petersburg, Russia in 2011 and came into force in September 2012.
The CFTZA is a significant step towards creating a single economic space within the CIS, which has the potential of creating a market of over 300 million people. The agreement aims to remove barriers to trade and investment among member countries, including customs duties, non-tariff barriers, and restrictive measures.
The CFTZA covers trade in goods, services, and investment. Under the agreement, member states have agreed to eliminate barriers to trade in goods, including customs duties, taxes, and other charges on the import and export of goods. The agreement also covers trade in services, including the liberalization of trade in professional services, such as legal and accounting services, and the liberalization of trade in financial services.
The CFTZA also includes provisions for protecting intellectual property rights and promoting competition among member states. The agreement sets out rules for the protection of intellectual property rights, such as patents, trademarks, and copyrights. The agreement also includes provisions for promoting competition among member states, including rules on state aid and anti-competitive practices.
The benefits of the CFTZA are many and varied. Member states can expect to see an increase in trade and investment, which would lead to economic growth, job creation, and improved standards of living. The agreement also promotes specialization and the creation of regional value chains, which will further stimulate economic growth.
The CFTZA is an important step towards greater economic integration in the CIS. The agreement has the potential to promote trade and investment among member states, which will lead to economic growth and prosperity. The agreement also includes provisions for protecting intellectual property rights and promoting competition among member states, which will lead to a more competitive and innovative economy in the region.