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Monday, November 18th, 2019

EAEU SIGNED FREE TRADE AGREEMENT WITH SERBIA

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There was the signing of the agreement on free trade between the Eurasian Economic Union member States and the Republic of Serbia during a session of the Eurasian Inter-Parliamentary Council on 25 October 2019. The agreement was signed by the EAEU governments and the Serbian Prime Minister, Strategy2050.kz informs with reference to the Kazakh Ministry of Trade and Integration.

The agreement provides for duty-free access of all products, except for sugar, alcohol products, cigarettes, light industry products, tractors, cars and trucks.

The sides are due to allot each other quotas of cheese, alcohol products, cigarettes.

The agreement allows for the conditions to increase the Kazakh exports to Serbia by several times, Zhanel Kushukova, vice minister of trade and integration, said.

The analysis conducted by the ministry of trade and integration indicates Kazakhstan is willing to increase the exports of agricultural products, machinery items, with the total export potential totalling at over $100 million.

25 October 2019 also saw an agreement on trade and economic cooperation between the EAEU and China to take effect, following a joint statement by the Heads of Government of EAEU member States and the Chinese Government’s Head.

The agreement is believed to be fundamental to the development of joint economic space and promotion of mutually beneficial cooperation and constructive dialogue.

It provides for conditions to promote mutual trade by cancelling or reducing tariffs.

Its provisions are due to simplify technical regulation procedures, sanitary and phytosanitary measures. There will be an exchange of information on the domestic market protection measures used and grants provided.

In terms of e-commerce the agreement provides for the protection of consumer rights as well as their personal data.

The sides agreed to update each other on measures limiting the mutual trade.

Both sides are due to promote cooperation in agriculture, energy, transport, industry, technology and innovation, finance and environment, thereby contributing to an increase in innovation activities, investment attractiveness and competitiveness.

The agreement on trade and economic cooperation was signed between China and the Eurasian Economic Union on 17 May 2018 in Nur-Sultan at the Astana Economic Forum.

In addition to that, the temporary Agreement designed to create a free trade zone between the EAEU and Iran took effect on 27 October 2019, signed at the Astana Economic Forum.

An initiative to create a free trade zone between the EAEU and Iran was first announced by the First Kazakh President during the Summit of the Heads of the Caspian countries in 2014.

The agreement is an instrument to promote export to world markets, as well as serves as access to the market of more than 80 million people. Iran is among a few countries with which mutual trade is based on processed goods, the Kazakh vice minister of trade and integration said.

The agreement provides for reduced import duties for 864 goods (262 agricultural goods, 602 industrial products).

In turn, the EAEU is due to reduce import duties for 502 products, including 126 agricultural products, and 376 industrial products.

The agreement that will expire in 3 years serves as the basis for further negotiations on a permanent agreement on a free trade zone.

Source: Kazakhtan 2050

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