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The Government of the Republic of Serbia

In the service of citizens

Economic links, free trade zone in Serbia's interest

Belgrade, 14 November 2006

Serbian Minister of Economy Predrag Bubalo said today that stronger economic links on ex-Yugoslavia territory and setting-up a free trade zone in Southeast Europe are in Serbia's best interest and are imperative for its accelerated development and inclusion in EU integration processes.

Author: Tanjug

At a press conference on regional economic linking on ex-Yugoslavia territory, Bubalo stressed that Serbia is politically fully willing to make this happen as soon as possible since it can be of great benefit both to individual states and the entire region as a whole.

He pointed to the fact that Serbia is situated in the very centre of the region and has a varied export structure that can be of great use when it comes to cooperation with neighbours and the influx of foreign capital.

According to Bubalo, investors will benefit from the country's economic openness with a clearly-defined influx, interior and exterior liberalisation and competition. They will make huge profits and help create new jobs, which will in turn help the state improve its international status, he added.

Speaking about the Central European Free Trade Agreement (CEFTA), which should be signed by mid-December, Bubalo expressed his conviction that all issues regarding the signing of that document will be resolved presently.

He stressed that Serbia is not backing down from entering the Central European free trade zone, but is also not ready to give up its own demands, so the signing of CEFTA will depend on the understanding displayed by members of that organisation.

The Minister said that Serbia’s conditions and demands are nothing special because Serbia only wishes to offer the same degree of protection to its producers, as Croatia already does.

Bubalo recalled that Serbia is demanding protection for domestic producers because of its prior obligations taken on during the privatisation of the tobacco industry and pointed out that Serbia and Bosnia and Herzegovina are the only countries which refused to initial the CEFTA because the position of both countries is incompatible with Croatia's.