The sides paraphed the agreement on the procedure of repayment of the former USSR clearing debt to former Yugoslavia in the part concerning Serbia and Montenegro, Russian Emergencies Minister Sergei Shoigu, committee's cochairman, said following the session.
"We expect this agreement to be signed in the near future. It launches mechanisms of trade in the spheres of engineering and energy equipment," Mr. Shoigu said.
Moreover, the sides agreed to ratify the free trade agreement, he added.
According to the minister, ten working groups on various cooperation trends in the spheres of agriculture, transport, tourism, etc. were formed as a result of the session.
"Our countries have achieved $1.5 billion trade turnover for the first time. Its annual growth is 30-40%," Sergei Shoigu noted.
In his words, the committee discussed the reduction of bilateral trade imbalance because Russian exports considerably exceed imports of Serbia and Montenegrin goods. In addition, the sides discussed the introduction of new categories of goods to the bilateral trade turnover.
On his part, Serbian and Montenegrin Minister of Foreign Economic Relations Predrag Ivanovic noted that "the potential of bilateral economic cooperation is higher than the existing level"
"We are happy to have held the committee's session at last. Russian-Serbian and Montenegrin economic cooperation can develop in all spheres," he said.
According to Mr. Ivanovic, a club of Russian and Serbian and Montenegrin businessmen is to be set up in 2005. Moreover, there are proposals to cooperate in third countries' markets, exchange high technologies and participate in joint investment projects.
At the moment Russia is Serbia and Montenegro's second trade partner. It accounts for over 10% of Serbia and Montenegro's trade turnover.
The next session of the Russian-Serbian and Montenegrin committee for trade, economic and scientific-technical cooperation is to be held in the third quarter of 2005.
