Deputy PM: Russia, Kazakhstan, Belarus may set up currency union

05.03.2010 (18:08)

Russia, Kazakhstan, and Belarus may set up a currency union, Russian First Deputy Prime Minister Igor Shuvalov said Friday at an economic forum of the Commonwealth of Independent States (CIS).

Currently, the three countries are members of a single customs union.

Shuvalov said it was possible new members could join the customs union.

Shuvalov also proposed stepping up cooperation between CIS members on global commodity markets, including grain markets, suggesting the CIS conclude an agreement on grain supplies.

The CIS' share of global grain output amounts to 12%, while its share of global grain exports stands at 30%, he said.

Commenting on CIS members' relations with the E.U., Shuvalov proposed harmonizing their laws with E.U. legislation and removing restrictions on the movement of goods, capital and citizens between the E.U. and the CIS.

He called for creating "a Europe from the Atlantic to the Pacific."

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