Russian President Vladimir Putin signed the federal law on the ratification of the Free Trade Agreement between the Eurasian Economic Union and Serbia, Sputnik reported.
Serbian Prime Minister Ana Brnabic signed a Free Trade Agreement between Serbia and the Eurasian Union (EAEU) in Moscow last October, expanding the list of Serbian products that can be exported to EAEU territory duty-free and increasing quotas for exports restrictions apply.
The agreement will replace the existing bilateral agreements with Russia, Belarus and Kazakhstan and expand the free trade zone to Armenia and Kyrgyzstan, which includes a market of about 185 million people, according to Sputnik.
The upper house of the Russian parliament, the Federation Council, ratified the agreement on November 3.
The agreement, which is in line with World Trade Organization (WTO) standards, will enter into force 60 days after the last verification in the parliaments of all member states.
The parties undertake to liberalize mutual trade in accordance with the provisions of the Agreement, and the EAEU member states give Serbian goods the possibility of equal access to the market.
The document obliges the signatory parties to liberalize mutual trade, in accordance with the provisions of the agreement and WTO rules, in order to establish a free trade regime between the EAEU and its member states, on the one hand, and Serbia on the other, N1 reports.
