In March 1991, Mikhail Gorbachev, the president of the Soviet Union, proposed a federation by holding a referendum to preserve the Union as the Union of Sovereign States. The new treaty signing never happened as the Communist Party hardliners staged an attempted coup in August that year. Following the events of August's failed coup, the republics of the USSR had declared their independence fearing another coup. A week after the Ukrainian independence referendum was held, which kept the chances of the Soviet Union staying together low, the Commonwealth of Independent States was founded in its place on 8 December 1991 by the Byelorussian SSR, the Russian SFSR, and the Ukrainian SSR, when the leaders of the three republics met at the Belovezhskaya Pushcha Natural Reserve, about north of Brest in Belarus, and signed the "Agreement Establishing the Commonwealth of Independent States", known as the "Creation Agreement" (). The CIS announced that the new organization would be open to all republics of the former Soviet Union, and to other nations sharing the same goals. The CIS charter stated that all the members were sovereign and independent nations and thereby effectively abolished the Soviet Union. On 21 December 1991, the leaders of eight additional former Soviet Republics (Armenia, Azerbaijan, Kazakhstan, Kyrgyzstan, Moldova, Turkmenistan, Tajikistan and Uzbekistan) signed the Alma-Ata Protocol which can either be interpreted as expanding the CIS to these states or the proper foundation or refoundation date of the CIS, thus bringing the number of participating countries to 11. Georgia joined two years later, in December 1993. At this point, 12 of the 15 former Soviet Republics participated in the CIS. The three Baltic states did not, reflecting their governments' and people's view that the post-1940 Soviet occupation of their territory was illegitimate. The CIS and Soviet Union also legally co-existed briefly with each other until 26 December 1991, when Soviet President Gorbachev stepped down, officially dissolving the Soviet Union. This was followed by Ivan Korotchenya becoming Executive Secretary of the CIS on the same day. After the end of the dissolution process of the Soviet Union, Russia and the Central Asian republics were weakened economically and faced declines in GDP. Post-Soviet states underwent economic reforms and privatisation. The process of Eurasian integration began immediately after the break-up of the Soviet Union to salvage economic ties with Post-Soviet republics. On 22 January 1993, the Charter (Statutes) of the CIS were signed, setting up the different institutions of the CIS, their functions, the rules and statutes of the CIS.