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Russia and Ukraine ratify UEA

The Ukrainian and Russian parliaments ratified an agreement, at the end of April, to create a free-trade Unified Economic Area (UEA). The pact, tying the two fast-growing economies more closely together, has forged the European Union of the east.
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The agreement is the latest in a long line of attempts to more closely integrate the economies of eastern Europe, starting with the creation of the Commonwealth of Independent States (CIS) by Boris Yeltsin shortly after the death of the Soviet Union.

But the CIS and its successors, such as the Customs Union, have met with little success. This time round the participating counties are more optimistic.

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