The Presidents of Russia, Kazakhstan and Belarus reached a harmony to create a new customs union from July 1, 2010, with an aim to create common external tariffs and a distinct market for 165 million people. Russia is also positive towards joining the World Trade Organization (WTO).

Alexander Lukashenko , President of Belarus stated in a meeting of the Eurasian Economic Community, which aims to create a particular economic freedom for ex-Soviet countries : "We found compromises and agreements. We agreed that from July 1, we will have a single customs territory."

Leaders of WTO countries urged Russia to increase its efforts to join WTO and also mentioned that accession would allow the country to cut down import tariffs while remaining competitive. Russia has tightened up limitations on a series of imports, including a 30% duty on new foreign cars, to shield domestic industries during a recession that ate up a tenth of the country's economy in the first half of the year.

Source: Forbes