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Kazakh Parliament ratifies free trade agreement between EAEU, Serbia

Business Materials 28 January 2021 14:14
Kazakh Parliament ratifies free trade agreement between EAEU, Serbia

BAKU, Azerbaijan, Jan. 28

By Nargiz Sadikhova - Trend:

Senate (upper house) of Kazakhstan’s Parliament has ratified the law draft on ratification of the free trade agreement between the Eurasian Economic Union (EAEU) and its member states, and Serbia, Trend reports citing Kazakh media.

In Dec. 2020, the law draft was ratified by the Mazhilis (lower house) of Kazakhstan's parliament.

“The new agreement expands the list of goods for which duty-free trade is provided. Thus, the countries of the Eurasian Economic Union (EAEU) can export cheese, alcoholic beverages, and cigarettes to Serbia without paying customs duties. Previously, these goods were subject to import customs duties,” the report said.

The EAEU countries also improved the conditions for the import of Serbian-made cheeses, tobacco, brandy.

One of the advantages of the new Agreement is that it corresponds to the key rules of the World Trade Organization. In particular, the parties of the agreement will not create unnecessary obstacles in mutual trade by applying sanitary and phytosanitary measures, technical regulation measures, and will guarantee the protection of intellectual property

In particular, the parties undertake to apply such basic principles of the World Trade Organization as national treatment and most favored nation treatment when carrying out mutual trade.

“Thus, Serbia, being not a member of the World Trade Organization, assumes obligations to fulfill the relevant provisions of the WTO. The implementation of this agreement will expand the sales market for goods produced in the member states of the Eurasian Economic Union,” the report said.

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Follow the author on Twitter: @nargiz_sadikh

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