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The Government of the Republic of Serbia

In the service of citizens

CEFTA market as big opportunity for Serbia

Belgrade, 16 November 2007

Serbian Deputy Prime Minister Bozidar Djelic said that market of Central European Free Trade Agreement (CEFTA) countries is a big opportunity for Serbia and added that the trade in the first nine months stands at $3 billion.

Bozidar Djelic

Author: Fonet

In a forum on implementation of CEFTA organised by Ekonomist Media Group, Djelic said that Serbia participates with 21.3% in CEFTA market.

He said that half of agricultural products imported in the CEFTA region originate from Serbia ad added that Serbia records 90% surplus in trade with CEFTA countries.

According to him, the aim of this agreement is to enlarge the market, as well as to increase the level of business in the region so that companies would have bigger competition.

Djelic pointed out that Serbia has competitive prices of food products when compared with countries in the region, adding that these products are cheaper only in Hungary and Bulgaria.

Serbian Minister of Trade and Services Predrag Bubalo said today that CEFTA is of exceptional importance for Serbia as regional economic ties bring benefit for each country as well as the region as a whole.

Predrag Bubalo

Author: Fonet

Bubalo said that this agreement is very important for the Strategy of economic development of Serbia until 2012, which envisions GDP growth of 7% and export growth of 17%.

Exports should increase its share in GDP from 30% to 45%, Bubalo said.

According to him, CEFTA is particularly important agreement as a great part of Serbia’s foreign trade exchange is done with countries in the region.

Implementation of the agreement should provide to Serbia planned investments of $2 billion in greenfield investment annually, Bubalo said and added that out of ten new EU members, the ones who had experience with CEFTA coped with the new situation best.

Bubalo also said that the importance of CEFTA is also in harmonisation of the economy with regulations of the Word Trade Organisation (WTO) and EU, noting that not all CEFTA countries are equally developed and that Serbia is somewhere in the middle.