MOSCOW, October 20 (Itar-Tass) — Russian President Dmitry Medvedev has signed a Federal Law "On Ratification of the Treaty on the Functioning of the Customs Union (CU) within the Framework of Multilateral Trade System".
The document was adopted by the State Duma lower house of the Russian parliament on October 4, 2011, and approved by the Federation Council upper house on October 12, 2011.
The Treaty was prepared in line with accords reached at the session of the Interstate Council of EURASEC (Supreme Body of the Customs Union) at the level of Heads of Government. The session, which was held in Minsk on March 15, 2011, dealt with matters concerning the bid of the Republic of Belarus, the Republic of Kazakhstan, and the Russian Federation to join the World Trade Organization (WTO).
The purpose of the Treaty is to ensure full-scale functioning of the Customs Union in the event of accession of one or several CU members to the WTO.
The Treaty also establishes legal principles for implementation by CU member-states of their WTO commitments in the light of transfer of part of trade regulation functions to a supranational level. In accordance with the Treaty, WTO norms concerning regulation of the CU become part of the CU legal system.
The Treaty also establishes the priority of the side's obligations within the WTO framework over its obligations within the scope of the CU.