Serbia and Russia have agreed to sign a free trade agreement, which has been in the works for some time. The agreement is set to deepen economic relations between the two countries and boost trade.

The agreement will remove tariffs on most goods traded between Serbia and Russia, with the aim of increasing bilateral trade and investment. The deal will also create new opportunities for businesses and investors in both countries.

The signing of this agreement comes at a time when trade tensions between Russia and the EU are at an all-time high, making it difficult for Serbia to expand its exports to the EU. By signing a free trade agreement with Russia, Serbia hopes to diversify its export markets and reduce its dependence on the EU.

The agreement also comes at a time when Serbia is seeking to join the EU, and has raised concerns among some EU member states. However, the Serbian government has emphasized that the free trade agreement with Russia is not in conflict with its EU membership aspirations, and that the deal is strictly a commercial one.

The agreement is also significant for Russia as it seeks to bolster its ties with countries in the Balkans and expand its influence in the region. Russia’s economy has been hit hard by Western sanctions, which were imposed following its annexation of Crimea in 2014.

The free trade agreement between Serbia and Russia is expected to provide a boost to both economies. However, it remains to be seen how much of an impact it will have, given that bilateral trade between the two countries is currently relatively small.

In conclusion, the free trade agreement between Serbia and Russia is an important development for both countries. It is likely to deepen economic relations and increase trade, and could provide a boost to both economies in the long term. However, it remains to be seen how the EU will respond to the agreement, and whether it will have any impact on Serbia’s EU membership aspirations.