BISHKEK, June 27 -- Kyrgyz President Sadyr Japarov has signed a law ratifying the intergovernmental agreement on promoting the China-Kyrgyzstan-Uzbekistan railway project, the presidential press service said Thursday.

The law, approved by the Kyrgyz Parliament on June 19, is designed to okay the entry into force of the agreement signed by the three countries' governments on jointly promoting the railway project on June 6 in Beijing, said the service.

The law will approve the practical implementation of the project, which will have an overall positive socio-economic effect on the development of the Kyrgyz economy.

The new railway corridor will become the southern branch of the Eurasian continental bridge, and open access to the markets of Southeast Asia, West Asia and the Middle East, and further to the European Union.

The project will ensure increased competitiveness in the international transit transportation market by reducing the distance and time of cargo delivery.