The upper house of the Russian parliament ratified a free trade agreement between Serbia and the EurAsian Economic Union on Tuesday, with the agreement taking effect within 60 days after all the member state parliaments ratify it.
The agreement gives goods from Serbia equal treatment on all the markets of the Union and expands the number of products that can be imported without paying customs and raises quotas for limited-quantity goods. It also imposes the obligation of liberalizing mutual trade in line with World Trade Organization (WTO) regulations. It was signed by the prime ministers of Serbia, Russia, Belarus, Kazakhstan, Armenia and Kyrgistan as well as the head of the EurAsian Economic Commission in Moscow on October 25, 2019.
Customs duties will have to be paid on poultry meat, some types of cheese, white sugar, sparkling wine, ethil alcohol, cigarettes in excess of annual quotas, cotton textiles, refrigeration compressors, cars and tractors and used vehicles and tires.
The EurAsian Economic Union has a market of 183.8 million people with a total GDP of 1.9 trillion Dollars.