source: BBC

Russia has signed a free-trade deal with seven other former Soviet republics that will scrap export and import tariffs on a number of goods.

The agreement was announced following talks in St. Petersburg. The other signature countries are Ukraine, Belarus, Kazakhstan, Armenia, Kyrgyzstan, Moldova, and Tajikistan. Uzbekistan, Azerbaijan, and Turkmenistan may join by the end of the year. No details have yet been revealed about what goods will be included.

Russian Parliament must ratify the agreement before it is due to become effective in 2012. Russian Prime Minister Vladimir Putin said the move would make their collective economies “more competitive.” Analysts said Ukraine's inclusion was significant, as the country had previously sought closer trade ties with the European Union. However, Ukraine's current government appears to be more friendly toward Russia than before President Viktor Yanukovych took office.