The Court is empowered to consider the disputes in the fulfillment of economic commitments in accordance with international treaties within the framework of the Commonwealth of Independent States.

For the first time the idea of creation of judicial body within the CIS was proposed and then mentioned in the Agreement on cooperation of economic and arbitration courts of Belarus, Russian Federation and the Ukraine dated 21 December 1991, on the day when Alma-Ata Declaration was signed.

On interstate level, when the Agreement on measures of providing improvement of payments between economic organizations of the CIS participating states dated 15 May 1992 was being signed, it was made a decision on creation of the CIS judicial organ (named the Commercial Court of the Commonwealth).

The Treaty between the Republic of Belarus and the Economic Court of the Commonwealth of Independent States about the terms of residence of the Economic Court of the Commonwealth of Independent States on the territory of Belarus was signed on 22 November 1996.

The Agreement on the status of the Economic Court of the Commonwealth of Independent States came into force in 1992 for Belarus, Russian Federation, Uzbekistan, in 1993 – for Armenia, in 1994 – for Kazakhstan, Kyrgyzstan and Tajikistan, in 1995 – for Moldova.

According to the Provision on the Economic Court subsequent to the results of consideration of disputes the Economic Court makes decision, where the fact of law infringement, by participating state, of international agreement or CIS act or act of the CIS, its institution, is ascertained.

The decisions of the Economic Court and the enactments of the Plenum are to be published in the CIS publications and mass media of the participating states.

The Decision of collegiums can be appealed to the Plenum of the Economic Court by case parties or third persons.

The decisions on the cases about disputes may be classified according to the following categories: about improper fulfillment of economic commitments; about recognition of proprietorship, on collision between national legal norms and provisions of the CIS law.

01−1/1−14 on interpretation of the article 11 of the CIS Convention on protection of investors rights dated March 23, 1997[5] was nominated by Global Arbitration Review as one of the most important published decision of 2014 for jurisprudential or other reasons.

It was commented as "preventing a potential flood of claims at so-called “pocket” arbitration courts".

[6][7] Conclusions and directions appearing in decisions of the Economic Court related to the cases about interpretation of provisions of international agreements, signed within the framework of the CIS, are used by competent organs of the participating states in practical activity, in preparation of the acts of the national legal system and development of international legal basis, are taken into consideration by experts when developing and coordinating agreements and decisions taken within the framework of the CIS.

Decisions of the Economic Court on cases about interpretation are used in practice of national judicial organs of Belarus and Russian Federation.

During a period of the Economic Court functioning, an opinion of improvement of its constituent documents was spoken up continually.