Vladimir Putin's address:

Good afternoon, esteemed colleagues – good evening, to be precise! I have to amend my speech drastically because long and, I should say, emotional but constructive talks unexpectedly brought us to the solution to a pivotal question. In fact, we gathered to find an answer to it – and we agreed to sign the treaty on the CIS free trade zone today.

Please note that trade in the Commonwealth grew by 48% in the first half of this year, exceeding $134 billion. We signed a free trade agreement in 1994 but not all countries have ratified it yet, including Russia, so it did not work. Look at our present development rates even without a working agreement on the free trade zone! It's easy to see the pace at which our trade would have grown if we had such a zone.

I reiterate that we, the heads of delegations, had a long discussion today. It brought us to a result we had not expected – we came to a consensus and organized the text, made some amendments, and polished off the final details. The treaty will be signed today. Congratulations!

I would like to add only that, as we all realise, the matter concerns the establishment of a new foundation for trade and economic relations in the Commonwealth of Independent States. This fundamental treaty will lie as the basis of our long-term trade and economic relations. I would like to thank all our colleagues who worked on the pivotal formulas – it was a difficult and complicated job. In fact, we spent ten years coining these formulas. We have been working it over intensely since 2009, but we achieved today's result thanks to keen and extremely proficient work from our experts. Thank you very much.

* * *

Following talks, the CIS heads of government sign the Free Trade Zone Agreement.

In addition, the following documents were signed at the council meeting:

- Decision on an Action Plan to carry out the second phase (from 2012 until 2015) of the CIS Economic Development Strategy to 2020

- Decision on a draft of the Intergovernmental Programme on Innovation Cooperation among CIS Member States to 2020

- Protocol on introducing amendments to the Agreement on the Rules for the Identification of the Country of Origin of Goods in the CIS, dated November 20, 2009

- Decision on the Railway Development Vision in CIS Member States to 2020

- Agreement on basic principles of currency regulation and control policy in CIS Member States

- Decision on introducing amendments to the Regulation on the competition for the Commonwealth of Independent States Award for merits in quality of goods and services

- Decision on the CIS Member States Coordinated Social and Demographic Policy Vision

- Decision on the funding in 2012 of the Implementation Plan for Basic Measures to improve healthcare and social assistance and living standards of war veterans and participants in local conflicts and their family members in CIS Member States to 2015

- Protocol on introducing amendments and additions to the Cooperation Agreement on Industrial Safety at Hazardous Industrial Facilities, dated September 28, 2001

- Protocol on introducing amendments to the Agreement on Cooperation in Hydrometeorology, dated February 8, 1992

- Protocol on introducing amendments and additions to the Agreement on the Establishment of a Cultural Cooperation Council among CIS Member States, dated May 26, 1995

- Decision on introducing amendments and additions to the Regulation on the Bureau to Coordinate the Fight against Organised Crime and Other Dangerous Crimes in CIS Member States

- Decision on granting the Republican Vocational Education and Training Institute, Republic of Belarus, the status of CIS basic organisation for career training, refresher courses, and professional upgrades as part of the system of professional technical education and vocational training

- Decision on the outcome of the implementation of the CIS Member States Coordinated Action Plan to overcome the consequences of the global financial and economic crisis in 2009 and 2010

- Decision on the progress in the implementation of the Council of CIS Heads of Government Resolution, dated October 7, 2002, on the establishment of CIS Member States' permanent exhibitions at the Russian Exhibition Centre in Moscow

- Agreement on an integrated system for the registration of third country nationals and stateless persons entering CIS Member States

- Agreement on the procedure for transferring samples of narcotic drugs, psychotropic substances and their precursors

- Agreement on the procedure for reviewing the classified status of data classified in the former Soviet Union

- Decision on the use of allocations to set up and develop a common air defence system in CIS Member States and to fund the work of the Air Defence Coordination Committee under the Council of CIS Ministers of Defence in 2010

- Decision on the allocation of funds to set up and develop a common air defence system in CIS Member States in 2012

- Decision on the Regulations for calculating and implementing spending estimates for the CIS Interstate Humanitarian Cooperation Fund Executive Directorate

- Decision on the Regulations for financial and economic audits of the CIS Interstate Humanitarian Cooperation Fund Executive Directorate

- Decision on the implementation of the CIS bodies' integrated budget for 2010

- Decision on introducing amendments to the CIS bodies' integrated budget for 2011

- Decision on the CIS bodies' integrated budget for 2012

- Decision on selecting communication and information sharing cooperation as the key economic interaction among CIS Member States in 2012.