Although the implementation of the Transitional Trade Agreement and the ratification of SAA are waiting for the greenlight from the EU Council of Ministers, the Serbian government formally began to implement the trade part of the Agreement on January 30, 2009.
The application of this Agreement is of utmost importance for Serbia, considering it provides a free trade zone between Serbia and the EU.
The portion of Serbia’s foreign trade includes 56% trade with the EU.
CEFTA countries, which also cherish the European perspective, are the second largest market for Serbia, which means that in the future over 80% of Serbian exports will go to the EU.
Although the EU has not formally started with the implementation of the Agreement, Serbian products on the European market enjoy a priviledged position.
Since November 2000, the EU has applied a customs-free regime to Serbia, saving Serbian exporters around $385 million last year or around €2 billion in the previous eight years.
Exports from Serbia to the EU increased 265% in 2008, compared to 2001.
In the past two months, the amount of uncollected customs fees for imports from the EU totalled €10 million.
The level of foreign direct investments from the EU stood at around €165 million for the same period.
Dutch Heineken and VDL, German LEONI and Slovene Merkur announced investments in Serbia.
The Serbian government adopted 72 bills that are directly or indirectly related to EU integration in the last quarter of 2008 and in the first quarter of 2009.
In the period from January to March 2009, 53% of planned “EU” laws were adopted.