EEU-Serbia free trade zone agreement takes effect Jul 10, 2021
MINSK, Jul 9 - PrimePress. The Eurasian Economic Union (EEU) and Serbia have ratified the agreement on a free trade zone, which enters into force on July 10, 2021, the press office of the Eurasian Economic Commission (EEC) reports.<br> <br> Armenia and Kyrgyzstan’s commodities will have duty-free access to the Serbian market for the first time. Belarus, Kazakhstan and Russia will also have new opportunities for entering the Serbian market. “Although the agreement is mostly based on the current bilateral agreements with the above countries, a number of modern regulatory obligations are added to ensure stability, predictability and transparency of trade operations in accordance with international norms,” says EEC Trade Policy Department Director Igor Nazaruk.<br> <br> The agreement expands the list of farm commodities, which will be granted duty-free access.<br> <br> “Serbia is not yet a member of the World Trade Organization, so the agreement with the EEU serves as the main legal framework for mutual trade.<br> <br> The free trade zone agreement between the EEU, its member states and Serbia was signed on October 25, 2019. The EEU and Serbia will liberalize mutual trade in line with the agreement provisions and WTO rules, in particular Article XXIV of the General Agreement on Tariffs and Trade (GATT 1994).<br> <br> The Eurasian Economic Union has been functioning since January 1, 2015. It comprises Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan. The EEU free trade zone embraces Vietnam, Iran and Singapore, while Egypt, Israel, India and China are in the process of negotiating their accession. End<br> <br>
2021-07-09
Primepress
EEU-Serbia free trade zone agreement takes effect Jul 10, 2021
Armenia and Kyrgyzstan’s commodities will have duty-free access to the Serbian market for the first time. Belarus, Kazakhstan and Russia will also have new opportunities for entering the Serbian market. “Although the agreement is mostly based on the current bilateral agreements with the above countries, a number of modern regulatory obligations are added to ensure stability, predictability and transparency of trade operations in accordance with international norms,” says EEC Trade Policy Department Director Igor Nazaruk.
The agreement expands the list of farm commodities, which will be granted duty-free access.
“Serbia is not yet a member of the World Trade Organization, so the agreement with the EEU serves as the main legal framework for mutual trade.
The free trade zone agreement between the EEU, its member states and Serbia was signed on October 25, 2019. The EEU and Serbia will liberalize mutual trade in line with the agreement provisions and WTO rules, in particular Article XXIV of the General Agreement on Tariffs and Trade (GATT 1994).
The Eurasian Economic Union has been functioning since January 1, 2015. It comprises Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan. The EEU free trade zone embraces Vietnam, Iran and Singapore, while Egypt, Israel, India and China are in the process of negotiating their accession. End