ZAGREB, Nov 6 (Hina) - After eleven months and five rounds of negotiations, an agreement on free trade between Croatia and the Federal Republic of Yugoslavia (FRY) was initialled in Zagreb on Wednesday night. It is expected the
agreement will be signed in about one month's time and will take effect after it has been ratified in the parliaments of both countries in the first quarter of next year.
ZAGREB, Nov 6 (Hina) - After eleven months and five rounds of
negotiations, an agreement on free trade between Croatia and the
Federal Republic of Yugoslavia (FRY) was initialled in Zagreb on
Wednesday night. It is expected the agreement will be signed in
about one month's time and will take effect after it has been
ratified in the parliaments of both countries in the first quarter
of next year. #L#
The agreement foresees a transition period until 2007 when custom
tariffs on industrial products will be completely abolished.
Concessions were also agreed to for agricultural products.
As soon as the agreement takes affect customs will be abolished on
about 70 percent less sensitive industrial products while customs
on other products will be decreased gradually during the transition
period.
The total exchange of goods between Croatia and Yugoslavia last
year amounted to $US186 million or 35 percent more than the previous
year. Croatian exports amounted to US$146 million while imports
from Yugoslavia amounted to US$39.2 million. In the first eight
months of this year the total exchange of goods amounted to US$138.7
million which is 8.3 percent more than in the same period last year
when Croatia exported goods to Yugoslavia valued at US$105 million
while imports from Yugoslavia amounted to 32.9 million.
(hina) sp it sb