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Serbia and Eurasian Economic Union sign free trade agreement

Christian Fernsby |
Serbian PM Ana Brnabic signed in Moscow a free trade agreement between Serbia and the Eurasian Economic Union (EAEU).

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That extends a list of Serbian products that may be exported to the EAEU duty-free and raises quotas for goods for which export limitations remain in place.

The agreement replaces existing bilateral free trade agreements with Russia, Belarus and Kazakhstan and expands the free trade zone to Armenia and Kyrgyzstan.

The five-nation union represents a market of around 185 mln people.

The signing of the agreement does not make Serbia an EAEU member as the country's negotiations with the union, which were launched in 2016, focused primarily on trade quotas for cheese, cigarettes and other products, rather than on membership.

Under the agreement, import duties for Serbian-made cars remain in effect.

Serbia's overall trade with the EAEU stood at 3.4 bln dollars last year, with Russia accounting for 90 pct of the total.

The agreement will enter into force once ratified by the parliaments of Serbia and the five member states.

The signing of the agreement was also attended by Serbian Minister of Trade, Tourism and Telecommunications Rasim Ljajic.

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