Russia’s government has approved ratification of a free trade zone agreement between the Eurasian Economic Union (EAEU) and Serbia, according to a statement released on the cabinet’s website on Saturday.
“To approve the draft federal law ‘On ratification of the agreement on free trade zone between the Eurasian Economic Union and its member-states, on the one hand, and the Republic of Serbia, on the other hand’ and submit it to the State Duma under the established procedure,” according to the government’s decisions taken at the cabinet meeting on July 24.
Serbia signed the agreement on the creation of a duty-free trade zone with the EAEU in October 2019. The agreement is to be ratified by all member-states of the Union.
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Thanks to the Free Trade Agreement, Serbia will be able to export almost 100% of its products to the EAEU countries without having to pay customs duties. Among other things, this includes the export of 2,000 tonnes of cigarettes, 400 tonnes of cow’s cheese, unlimited export of sheep’s and goat’s cheese, as well as export of brandy and other products.
According to the agreement, however, the customs duty on exports of cars from Serbia remains in place. One of the conditions for signing the free trade agreement with the EAEU was the signing of the phytosanitary agreement regulating the export of goods of plant origin to the EAEU countries.
The annual trade between Serbia and the five EAEU countries amounted to USD 3.4 billion in 2018. Serbia exported goods worth 1.1 billion dollars to the EAEU and imported 2.3 billion dollars worth of goods.
This post is also available in: Italiano