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The Government of the Republic of Serbia

In the service of citizens

Unified free trade agreement to increase investment in the region

Belgrade, 28 March 2006

Serbian Minister of International Economic Relations Milan Parivodic said today that the unified free trade agreement in southeast Europe will spur investment in the whole region.

Author: FoNet

In his opening speech at the Fourth International Business Forum themed "Free Trade Zone – A Step Ahead" held today in Belgrade's Sava Centre, Parivodic said that this agreement, due to be signed in August, will replace 31 current bilateral free trade agreements between the countries in the Western Balkans.

According to Parivodic, the implementation of the agreement will be simplified in terms of paperwork and the area it regulates broadened, adding to liberalisation of cross-border services, and investment and public procurement increase.

Parivodic suggested that a secretariat to monitor and implement the agreement be formed. He proposed that a group for regional arbitration be appointed as well, which would act in possible disputes arising in the process of the agreement's implementation.

The unified free trade agreement includes all the Western Balkans countries, which is a great advantage in itself, explained the minister and added that the agreement will maintain the achieved level of liberalisation and aim to increase it.

He said that Serbia-Montenegro will certainly become an EU member state, but that it requires time in order to secure an essential political stability in the region and boost its economic position to an acceptable level.

The main objective of the Fourth International Business Forum named "Free Trade Zone – A Step Ahead" is to brief all the important parties (governments, chambers of commerce, business communities, domestic and international public) on the latest trends in the process of trade liberalisation in the Western Balkans.

Organisers of the conference are the Serbia-Montenegrin Ministry of International Economic Relations, Serbia-Montenegrin EU Integration Office, Serbian Chamber of Commerce and the Igman Initiative. The Serbian Ministry of International Economic Relations and the Stability Pact for Southeastern Europe supported the event.