Serbia: Free trade agreement with Euroasian Economic Union countries

Expected to enter into force in late June 2021

Expected to enter into force in late June 2021

A free trade agreement between Serbia and the countries of the Euroasian Economic Union (EAEU)—Russia, Belarus, Kazakhstan, Kyrgyzstan, and Armenia—has completed the ratification process and is expected to enter into force in late June 2021.

Armenia, the last country to ratify the free trade agreement, completed its ratification process on 12 April 2021. The agreement’s entry into force is 60 days after receipt of the last notification that its signatory countries have completed the ratification procedures. 

Tariff relief

The EAEU agreement provides for the liberalization of imports of a limited number of products (such as taps and valves for pipelines) imported from the EAEU to Serbia, and provides for preferential trade quotas for other products (including cheese, alcoholic beverages, and cigarettes).

The list of products subject to the preferential trade rules as well as a list of goods subject to tariff quotas is provided in an annex to the agreement.

Rules of origin

The agreement allows for the introduction of intermediaries in trade from a third country where products originating from a signatory country can be imported, with an exemption from customs duties even when payment is not made to a person from the exporting country.

In general, however, the rules of origin have not been substantially changed in relation to the conditions of the rules of origin currently in effect.

Read an April 2021 report prepared by the KPMG member firm in Serbia

 

 

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