Leaders from member states of the Eurasian Economic Community met Wednesday in Moscow to discuss the process of integration within the bloc that links some former Soviet republics.

The agenda of the bloc's interstate council meeting included issues regarding the creation of a free trade zone, currency cooperation, harmonization of customs tariffs and progress in implementing the bloc's 2003-2006 action plan, the Itar-Tass news agency reported.

The bloc comprises Russia, Kazakhstan, Kyrgyzstan, Tajikistan and Belarus. Armenia, Ukraine and Moldova have joined as observers.

Russia and Kazakhstan have agreed to create a regional investment bank with a charter capital of 1.5 billion US dollars, said Kazakh President Nursultan Nazarbayev, who holds the current presidency of the bloc. The bank will be headquartered in Almaty, Kazakhstan, and run a branch in St. Petersburg, Russia.

Nazarbayev said all the bloc's member economies were on the rise in the 2000-2004 period, with Belarus growing at annual rate of 6.5 percent, Kazakhstan at 10.3 percent, Kyrgyzstan at 4.8 percent, Russia at 6.2 percent and Tajikistan at 9.7 percent.

Trade among members of the bloc totaled 28 billion dollars last year, representing a 40 percent increase over 2003, he said.

Russian President Vladimir Putin said the bloc is developing dynamically and has become more attractive to other former Soviet republics.

The bloc's leaders will meet next year in Minsk, capital of Belarus.

Source: Xinhua