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Free Trade Agreement Serbia


04.09.21 Posted in Uncategorized by

“Simply put, if Serbia opposes the agreement of this agreement, we would be without the agreements we have already concluded with Russia, Belarus and Kazakhstan,” he said. “On 31 May 2016, the Euras High Economic Council decided to start negotiations with Serbia for entry into a new single free trade agreement that would apply to the five EAEU member states,” he said. “We must bear in mind that about 83% of our total foreign trade with the EAEU countries is with the Russian Federation, which is why this unique agreement is so important to us,” he continued. Internally, the Serbian market is the second largest in south-eastern Europe, with 7.5 million people. The average net monthly salary increased from just 194 euros in 2004 to 380 euros in 2013. Combined with the rapid expansion of consumer credit, this has led to a sharp increase in local demand, which has resulted in a double-digit increase in retail sales on an annual basis. Serbian Prime Minister Ana Brnabic signed a free trade agreement with the Russian-led Eurasian Economic Union (EAEU) in Moscow on Friday after the EU warned it would closely monitor relations, with Serbia a candidate for EU membership. Today, Serbia is not a member of the WTO and, therefore, such provisions, as well as the modern institution for the settlement of disputes and trade interests, are entirely relevant to all EU Member States. Brnabic visited Moscow with Trade Minister Rasim Ljajic, who previously told Serbian media in September that it was not a political agreement, but only a trade agreement signed by Serbia with Turkey and ALECE, the Central European free trade agreement. The agreement also provides tariff concessions for processed agricultural products (Protocol A). Trade in agricultural commodities is covered by three bilateral agricultural agreements between the STATE of EFTA (Iceland, Norway and Switzerland) and Serbia.

These agreements provide for substantial concessions on both sides, taking into account the respective sensitivities of the parties. “Trade with Russia accounts for less than 10% of Serbia`s total trade. In addition, European investment in Serbia is more than 10 times higher than russia`s,” the EU spokeswoman added. In addition to customs obligations, the agreement brings a number of legal innovations aimed at ensuring the stability, predictability and transparency of trade transactions. The parties recognize that economic development, social development and environmental protection are interdependent. In Chapter 6, they reaffirm their commitment to multilateral environmental and labour contracts and principles and commit to imposing their level of protection. Arbitration procedures do not apply to this chapter. “Each EU country will benefit from new opportunities to increase exports to Serbia.



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