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Kyrgyzstan to scrutinize Customs Union entry terms to avoid economic shock

November 12, 2013, 12:41 UTC+3 BISHKEK
The first deputy prime minister admitted that Kyrgyzstan had “much lower potential” than Russia, Kazakhstan and Belarus
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First Deputy Prime Minister Dzhoomart Otorbayev

First Deputy Prime Minister Dzhoomart Otorbayev

© Itar-Tass/Mikhail Klimentyev

BISHKEK, November 12 (Itar-Tass) - Kyrgyz government intends to thoroughly study terms of its entry into the Customs Union of Russia, Belarus and Kazakhstan to avoid drastic consequences for the country’s economy, First Deputy Prime Minister Dzhoomart Otorbayev told a business forum on Tuesday.

“We are at the final stage of work on a ‘road map’ of our country’s entry into the Customs Union,” the top official said. “We hope that it will be approved by all parties already in December,” he added.

At the same time, Otorbayev fears that the republic may face “shock effects” to the economy after joining the Customs Union. “’Trade is the main engine of our economy. That is why we must work out the tariff policy that would not make hundreds of thousands of our fellow countrymen feel social shock and lose their jobs,” he said.

The first deputy prime minister admitted that Kyrgyzstan had “much lower potential” than Russia, Kazakhstan and Belarus, which is why the republic needed assistance fund.

“The population expects from our government a well-planned calculation of pluses and minuses from economic integration,” he said.

The Kyrgyz leadership made the decision to join the Customs Union in the spring of 2011. “It was made in order to raise the living standards of our citizens,” Otorbayev said.

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