Russia’s government has approved ratification of a free trade zone agreement between the Eurasian Economic Union (EAEU) and Serbia, according to a statement released on the cabinet’s website on Saturday, TASS reported.
“To approve the draft federal law ‘On ratification of agreement on free trade zone between the Eurasian Economic Union and its member-states, on the one hand, and the Republic of Serbia, on the other hand’ and submit it to the State Duma under the established procedure,” according to the government’s decisions taken at the cabinet meeting on July 24.
Serbia signed the agreement on creation of a duty-free trade zone with the EAEU in October 2019. The agreement is to be ratified by all member-states of the Union.
Earlier the EAEU also entered into free trade zone agreements with Vietnam and Singapore. A temporary agreement leading to creation of a free trade zone has been signed with Iran. The talks on concluding free trade zone agreements are underway with Egypt, Israel and Argentina. Jordan and Thailand have initiated the creation of a free trade zone with the Eurasian Economic Union.
All in all, around 50 proposals have been received on establishing partnership relations with the EAEU from various countries and integrations.