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Russian government approves contribution to new transport company’s capital

September 05, 2014, 7:39 UTC+3 MOSCOW
The new company, United Transportation and Logistics Company, will be created in accordance with agreements signed within the framework of the Common Economic Space
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© ITAR-TASS / Vladimir Sayapin

MOSCOW, September 05 /ITAR-TASS/. The Russian government on Thursday approved a contribution to a new transport company to be created jointly with Belarus and Kazakhstan.

The contribution will consist of the shares the government holds in the TransContainer and RZD Logistics companies run by Russian Railways (RZD).

The new company, United Transportation and Logistics Company, will be created in accordance with agreements signed within the framework of the Common Economic Space.

The Common Economic Space (CES) is an economic and political integration project of three member-states of the Customs Union: Russia, Belarus and Kazakhstan.

The goal of the CES is to create conditions for the stable and efficient development of the member-states’ economies and to raise their peoples’ living standards. Its primary principle is ensuring the free movement of goods, services, capital and workers across the member-states’ borders.

The presidents of Russia, Belarus and Kazakhstan signed the Agreement on the Creation of a Common Economic Space and approved the CES Formation Concept on September 19, 2003 at a summit in Yalta, Crimea.

At the end of 2010, 17 agreements were signed to form the legal framework for the CES. The basic CES documents came into force on January 1, 2012.

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