Russian President Vladimir Putin signed a law on Monday ratifying a free trade area agreement between the Russian-led Eurasian Economic Union (EEU) and the Republic of Serbia.
The agreement, signed in Moscow on October 25, 2019, sets the basic rules for trade between the member states of the EEU and Serbia according to the standards of the World Trade Organization. In July, the ratification of the Free Trade Area Agreement was approved by the Russian government.
The inclusion of Serbia in the EEU’s free trade area could open up new opportunities for developing business relationships, Putin said earlier. Russia and Serbia are stepping up cooperation, particularly on transport infrastructure, he added. Both also want to improve banking cooperation.
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The EEU is a trading bloc founded in 2015 and is based on the customs union of Russia, Kazakhstan and Belarus. The union was later joined by Armenia and Kyrgyzstan. Vietnam was officially the first non-regional country to join the bloc in 2016. The union aims to ensure the free movement of goods, services, capital and workers between the member states.
More than 50 countries and international organizations, including China, Indonesia, Jordan, Thailand and some South American countries, have expressed an interest in a free trade agreement with the EEU. Talks are currently ongoing with Egypt, Israel and Argentina.
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