The agreement on the approved macroeconomic policy

of December 9, 2010

The Republic of Belarus, the Republic of Kazakhstan and the Russian Federation which further are referred to as Parties

based on the Agreement on custom union between the Russian Federation and the Republic of Belarus of January 6, 1995, the Agreement on custom union of January 20, 1995, the Agreement on custom union and the Common economic space of February 26, 1999, the Constitutive treaty of Eurasian economic community of October 10, 2000, the Agreement on creation of single customs area and forming of custom union of October 6, 2007,

proceeding from the main objectives of Eurasian economic community directed to the economic growth, improvement of quality of life and welfare of people

considering necessary carrying out the approved macroeconomic policy for effective functioning of the Customs union and the Common economic space of the Parties,

agreed as follows:

The article 1 Determination of Concepts, used in this agreement

In this agreement concepts which mean the following are used:

"the approved macroeconomic policy" - coordination, development and realization of collateral actions of the Parties for the purpose of achievement of the balanced development of economy of the Parties;

"the main reference points of macroeconomic policy" - quantitative values of the economic indicators accepted according to this agreement for the purpose of ensuring stable and sustainable development and expansion of integration cooperation of the Parties.

Article 2 of the Purpose and the principles of carrying out the approved macroeconomic policy

1. The purposes of this agreement are determination of the directions of carrying out the approved macroeconomic policy of the Parties and forming of the principles, procedure and the mechanism of its approval.

2. The approved macroeconomic policy is based on the principles:

ensuring sustained economic growth;

observance of the balanced macroeconomic indicators established by this agreement.

Such principles are directed to creating favorable conditions for increase in internal stability of economy of the Parties and resistance to external impact, and also deepening of integration within the Common economic space.

3. The parties pursue the approved macroeconomic policy for ensuring effective functioning of economy of the Parties.

Article 3 the Main directions of carrying out the approved macroeconomic policy

The main directions of the approved macroeconomic policy of the Parties include:

ensuring macroeconomic stability and development of economy of the Parties for deepening of integration within the Common economic space;

forming of the single principles of functioning of economy of the Parties and ensuring their effective interaction;

approval of parameters of the main macroeconomic indicators of the Parties for increase in stability of economic development and creation of conditions of transition to higher steps of economic integration;

development of the general principles and reference points for forecasting of social and economic development of the Parties.

Article 4 Procedure for Coordination of Macroeconomic Policy

1. Coordination of development of forecasts, including the key forecast parameters of macroeconomic policy, is performed in the following directions:

analysis and monitoring of economic development of the Parties;

determination of the main directions of economic development of the Parties for the three-year period;

determination of scenario parameters for development of forecasts of social and economic development;

experience exchange on the carrying out economic reforms and measures of macroeconomic policy aimed at providing macroeconomic stability;

carrying out consultations and exchange of information on priorities structural politikipromyshlenny, agrarian, transport, energy and innovative;

preliminary informing the Parties in the planned directions of realization of structural policy and large investment projects;

the analysis of influence of the made decisions on conditions of economic activity and entrepreneurial activity of business entities of the Parties.

2. At least once in year of the Party hold joint meeting of experts, consider parameters and the main indicators of forecasts, major factors of growth and restriction of development, consider and estimate mutual influence of the key decisions determining conditions of activities of subjects of economy and also accept the recommendations submitted on deepening of cooperation and development of integration processes.

Article 5 List of Indicators of Economic Development and Integration Cooperation

1. The approved macroeconomic policy provides:

determination of key scenario parameters for the purpose of forecasting;

approval of the main macroeconomic indicators of increase in stability of economic development;

monitoring of economic indicators for the purpose of assessment of economic and integration cooperation of the Parties.

2. The parties approve interval quantitative values of the following external parameters used in case of development of official forecasts of social and economic development of the participating Parties of the Common economic space for the three-year period:

price of Brent crude oil;

rates of development of world economy;

the national currency rate of the Parties to US dollar and (or) euro.

3. The Central (national) banks of the State Parties of the Common economic space have the right to pursue monetary and course policy irrespective of the approved interval values of the macroeconomic indicators specified in Item 2 of Article 5 of this agreement.

4. The parties create economic policy within the following quantitative parameters determining stability of economic development:

annual central government budget deficit (for the Russian Federation - the federal budget, for the Republic of Belarus - the republican budget, for the Republic of Kazakhstan - the republican budget) is not higher than 3 percent of gross domestic product;

the public debt is not higher than 50 percent of gross domestic product;

the rate of inflation (annual average consumer price index) which is not exceeding more than on 5 percent points the rate of inflation of the State Party of the Common economic space having the smallest increase in prices.

5. In case of exceptional circumstances of the Party can mitigate in coordination quantitative values of the macroeconomic indicators determining stability of economic development taking into account the current situation.

6. The parties use the following indicators for monitoring for the purpose of determination of extent of integration and economic stability:

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info