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Agreement on free trade zone between EAEU and Serbia comes into force

The agreement on free trade zone between the Eurasian Economic Union and Serbia takes effect today, July 10, 2021. The Eurasian Economic Commission (EEC) reports.

After the entry into force of the agreement, duty-free access to the Serbian market will be opened for the first time for export deliveries of goods from Armenia and Kyrgyzstan. New opportunities for access to the Serbian market for goods from Belarus, Kazakhstan and Russia will be created.

«Despite the fact that the agreement is largely based on the current bilateral agreements for these countries, it includes a number of modern regulatory obligations designed to ensure stability, predictability and transparency of trade operations in accordance with international standards,» Director of the EEC Trade Policy Department Igor Nazaruk said.

In addition, the list of agricultural products, which will be granted duty-free access, is expanding. Serbia is not yet a member of the WTO, therefore, the agreement will become the main legal basis for mutual trade between its members.