EAEU-Serbia free trade agreement to take effect on July 10

MOSCOW. KAZINFORM - The free trade agreement between the Eurasian Economic Union (EAEU) and Serbia that was signed in October 2019 has been ratified by all the parties and will enter into force on 10 July, BelTA learned from the press service of the Eurasian Economic Commission (EEC).

«After the agreement takes effect, Armenia and Kyrgyzstan will get duty-free access with their products to the Serbian market for the first time. Belarus, Kazakhstan, and Russia will get more opportunities for accessing the Serbian market with their goods. Although the free trade agreement greatly relies on current bilateral agreements between these countries, it also sets forth several modern regulatory obligations that are meant to ensure stability, predictability, and transparency of trade operations in compliance with international norms,» Director of the EEC Trade Policy Department Igor Nazaruk said.

The agreement also provides for expanding the list of agricultural goods that enjoy duty-free access to the Serbian market.

«Serbia is not a member of the World Trade Organization yet, so the agreement will become the main legal basis for mutual trade between its parties,» the EEC added, Kazinform refers to BelTA.