BELGRADE, Dec 23 (Hina) - Croatian Economy Minister Ljubo Jurcic and Yugoslav Vice-Premier Miroljub Labus signed a free trade agreement between the two countries in Belgrade on Monday.
BELGRADE, Dec 23 (Hina) - Croatian Economy Minister Ljubo Jurcic
and Yugoslav Vice-Premier Miroljub Labus signed a free trade
agreement between the two countries in Belgrade on Monday. #L#
"This is an important step in the normalisation of our relations,"
Labus said after the signing. He added that after the countries'
parliaments ratified the agreement, 70 percent of industrial
products and 30 percent of agricultural products would be exempt
from customs tariffs, while customs tariffs for other products
would be gradually cancelled in the next five years.
The agreement stipulates the gradual establishment of a free trade
zone, a process which should be completed by January 1, 2007. The
agreement will come into effect pursuant to its ratification by the
two countries' parliaments, which is expected to happen in the
first quarter of 2003.
"By 2007 we expect trade to become completely liberalised. We used
to be part of the same country, so we have complementary industries,
and interest in cooperation is great on both sides, which makes this
agreement important not only in terms of economy," Jurcic told
reporters.
Bilateral trade increased by 18.2 percent in the first ten months of
this year compared to last year, and by the end of the year Croatia
will have exported USD250 million worth of products to Yugoslavia.
Jurcic said that trade between the two countries was growing at high
rates each year.
This is Croatia's 31st free trade agreement, the 16th with
countries of Southern Europe.
The talks which preceded the signing of the agreement focused also
on the liberalisation of the visa regime.
(hina) lml rml