Serbia joins Russia-led Eurasian Economic Union

BELGRADE, Serbia (AA) - Serbia on Monday joined the Russian-anchored Eurasian Economic Union (EAEU) trade bloc, opening the country to a market of 180 million people for about 99% of its goods of domestic origin.

"This is a historic moment for Serbia. As a result of our excellent political relations, new perspectives have opened up for the development of our economic ties, which carry key importance for our country, economy and citizens," said Nenad Popovic, the country’s innovation, technological development minister.

Last October, Serbia signed an agreement in Moscow with EAEU members Russia, Kazakhstan, Belarus, Armenia, and Kyrgyzstan.

Monday’s free trade agreement replaces Serbia’s current bilateral agreements with EAEU members, most notably Russia.

Serbian bilateral trade with the EAEU’s leader, Russia, totaled $3.41 billion in 2019 and makes up roughly 90% of Serbian trade with EAEU member states. Agricultural products account for more than half of Serbian exports to Russia.

However, if Serbia one day joins the European Union, It will be forced to withdraw from the Eurasian free trade agreement.

The Eurasian bloc was founded in 2015.

Serbia became an EU candidate country in 2012.