MOSCOW, Jul 14 (PRIME) — Russian President Dmitry Medvedev has ratified an agreement on state investments aimed at supporting the agricultural sector of the RussianBelarusianKazakh customs union, RIA Novosti reported Thursday.
Under the agreement, the volume of state investments into the agricultural sector of each customs union member should not exceed 10% of the gross value of agricultural products produced in the country.
Meanwhile, the treaty allows the Belarusian government to gradually decrease the investments until 2016. Belarus is to lower the volume of investments in the countrys agricultural sector by 1 or 2 percentage points per year. Thus, the investments are to be decreased to 10% of the gross value of the countrys agricultural products in 2016 from 16% expected in 2011.
The agreement also envisages that the members pledge not to take any measures which could affect trade within the customs union.
On July 1, the treaty was approved by the State Duma, the Russian parliaments lower house, while the Federation Council, the upper house of Russian parliament, ratified the treaty on July 6.