Serbia puts forward initiative to form Balkan Customs Union

Recently, Aleksandar Vucic, Prime Minister of Serbia, has announced a new initiative to form the Balkan Customs Union. Serbia is discussing this initiative with Albania and Bosnia-Herzegovina (BiH). Basic principles of the customs union include the renunciation by Serbia, Slovenia, Croatia, Romania, Bulgaria, Macedonia and BiH of internal tariffs and duties, removal of all restrictions on the movement of goods, as well as the adoption of common customs tariffs.

The documents about the basic principles and terms of operation of the Balkan Customs Union read to the effect that GDP of the countries, which may join the organization, totalled $243.5 billion last year and their population exceeds 18 million. According to Mr. Vucic, the initiative would not only expand a trade turnover within the region but also promote economic growth and a higher standard of living in the member countries of the Balkan Customs Union.