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Serbia:Textile trade agreement to eliminate trade restrictions |
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2004-12-23
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Textile trade agreement is signed between Serbia and the European Union on eliminating trade restrictions, which is expected to raise the exports of Serbia to EU by 30% in 2005. This comes as a moral booster for the Serbian industry which was witnessing productions loss for the past two years.
Serbian Minister of International Economic Relations Milan Parivodic has stressed that the agreement between Serbia and the EU on eliminating textile trade restrictions represents the first agreement Serbia is signing based on the "two-way track" principle, which attaches great economic and political significance.
The minister said that the agreement, after it is initialed today, will be translated into the 20 EU languages so as to undergo the necessary procedure, adding that it is realistic to expect that it will be signed in February 2005.
Serbia, for its part, will be obliged to phase out import duties on EU textiles over the next three years at an annual rate of 25 percent, according to Blagojevic. By 2008, she said tariffs on EU textiles will be eliminated, adding that this measure has been agreed upon with the Serbian Chamber of Commerce.
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