💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Kosovo to partially remove tariffs on Serbian-made goods

Published 02/27/2020, 02:30 PM
Updated 02/27/2020, 02:36 PM
Kosovo to partially remove tariffs on Serbian-made goods

By Fatos Bytyci

PRISTINA (Reuters) - Kosovo's prime minister said on Thursday the government will partially remove the 100 percent tariffs on goods produced in Serbia, bowing to demands from the United States and European Union, which mediate talks between Belgrade and Pristina on normalising ties.

In November 2018 Kosovo introduced the tariffs after Serbia blocked its former breakaway province’s membership in international organizations including Interpol and UNESCO. The tariffs were also introduced for goods produced in Bosnia, whose Serb-run half is blocking recognition of Kosovo.

Following the introduction of tariffs Belgrade stepped out from an EU-mediated dialogue with Pristina, saying it would continue only once the tariffs were removed.

The EU and U.S., both of which still have peacekeeping troops in Kosovo, kept pressure on Kosovo's new government to remove taxes to continue the dialogue that would enable Kosovo to become a member of the United Nations.

"From March 15th we will remove the tariffs on raw materials that are imported from Serbia and Bosnia and Hercegovina," Prime Minister Albin Kurti said in an extraordinary press conference

"This is a sign of good will and readiness to resolve trade, economic and political issues between Kosovo and Serbia."

Kurti said that if Serbia stops its campaign asking countries to recall recognition of Kosovo, tariffs on all goods would be removed on April 1 for a period of 90 days.

In 2017, Serbia’s exports to Kosovo totalled 450 million euros ($515 million) and Bosnia’s 80 million euros.

Serbia lost control in Kosovo following the 1999 NATO bombing against Yugoslavia to halt killing and expulsion of ethnic Albanian civilians during a two-year insurgency.

Backed by the United States and most of the European Union countries, Kosovo declared independence in 2008.

Belgrade, which in its constitution considers Kosovo to be part of Serbia, with its ally Russia has been blocking Kosovo's membership in international organizations including the United Nations.

There was no one available in the Serbian government to comment on Kurti's announcement.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.