The agreement on a free trade area between the Eurasian Economic Union and the Republic of Serbia, which was concluded in October 2019, has been ratified by all parties and entered into force on 10 July.
"Once the agreement enters into force, duty-free access to the Serbian market will be open for the first time for exports of goods from Armenia and Kyrgyzstan. There will also be new opportunities for goods from Belarus, Kazakhstan and Russia to access the Serbian market. Although the agreement is largely based on current bilateral arrangements for these countries, it includes a number of modern regulatory obligations designed to ensure stability, predictability and transparency of trade transactions in line with international norms," said Igor Nazaruk, director of the Eurasian Economic Commission's Trade Policy Department.
In addition, the list of agricultural products that will be granted duty-free access is being expanded.
"Serbia is not yet a WTO member, hence the agreement will be the main legal basis for mutual trade between its members," the EEC added.