SAINT PETERSBURG.  August 4. KAZINFORM  /Yelena Myagkova/ The Accounts Chamber of the Russian Federation has considered the results of the analysis on implementation of the major activities on the Customs Union's formation and preparation of the documents regulating the interaction among Belarus, Kazakhstan and the Russian Federation while establishing the Single Customs Territory.

As the Department for Information of the Russian Accounts Chamber says, establishment of the Customs Union means establishment of a common market with 167 mln people. The total gross domestic product of three countries makes USD 1 385 bln. The total size of the market is estimated at USD 600 bln. Creation of a platform for further transition to the Single Economic Space is an important factor of the Customs Union's formation.

As the analysis shows, by July 1, 2010 all three countries had fulfilled the tasks of the first stage of the SEC formation, namely, development of the legal-regulatory framework, application of the single system of customs-tariff and non-tariff regulation and unified norms of customs regulation.