Great step forward, almost all products included in exchange of goods between Russia and SCG - free of taxes

The representatives of the Task force for improvement of trade-economic cooperation between the Russian Federation and Serbia and Montenegro reached the agreement on expansion of the list of products that should be, according to the Agreement on free trade, tax free. That means that the trade between the two countries is almost completely liberalized.

The assistant to the Minister of International Economic Relations of SCG and the president of the Task force of SCG, Dejan Jovović, says that, after the passing of joint Aide-memoire by the governments of Russia and SCG, around 98% of products will be included in the free trade regime and that the new broadening of the list of products should contribute to the harmonization of exchange of goods and reduction of big deficit realized by SCG.

So far, only small number of products was present in the structure of exchange of goods because mainly pharmaceutical products, floor covers, wallpapers, paper and cardboard, lead batteries, electric machines, road vehicles and cereals were exported to Russian market, whereas Russia used to export fuels and raw materials - oil, gas, fertilizers, cellulose products, caoutchouc, steel, iron, as well as road vehicles.

After the list is expanded, the products that will be duty-free for export to Russian market will be sugar products, sausages, chocolate and other products that contain cocoa, apple juice, beer made from malt, wine of fresh grapes, medicines, soap, cotton wool, felt and paper, fabrics of carded wool or fine animal hair, carpets and other floor covers, bed linen, tablecloths and kitchen cloths, refrigerators, freezers and other cooling devices, washing machines, upholstered seats, wooden office and kitchen furniture and wooden furniture for bedrooms. On the other hand, the products that will be duty-free when imported from Russia are mineral fertilizers, air or vacuum pumps, compressors and ventilators, ball bearings, bearing housings, electric motors, generators, electric transformers, induction coils, batteries, as well as tractors whose power is over 10KW and passenger automobiles whose capacity of the cylinders is between 1,500 and 3,000 cubic centimeters.