- Source: Informer
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The Russian government announced yesterday that it had given the green light for the ratification of the free trade agreement signed by Serbia and the Eurasian Economic Union (EAEU). According to a statement published on the Russian government's official website, they decided to approve the draft federal law and forward it to the State Duma to pass it in line with applicable procedures. "What a lot of more influential and stronger economies can only dream of has become Serbia's reality," the country's Agriculture Minister Branislav Nedimovic told Tanjug yesterday. As he recalled, the ratification of the agreement allows Serbian agricultural producers to export many products duty-free to a market with nearly 200 million residents. Serbia signed an agreement on forming a duty-free trade zone with the EAEU in October 2019. With the free trade agreement, the country will be able to export nearly 100% of products duty-free. The agreement will replace the previous bilateral agreements with Russia, Belarus, and Kazakhstan and expand the free trade zone to include Armenia and Kyrgyzstan. The document needs to be ratified by all EAEU member states.