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A:
Interim trade agreement important for Serbian economy
Belgrade,
8 December 2009
The Serbian government stated today that it welcomes the enforcement of the interim trade agreement and that this is of great importance to the Serbian economy.
According to the statement the agreement is part of the Stabilisation and Association Agreement (SAA) signed by the Serbian government on April 28, 2008 and concerns the establishment of a free trade zone between the EU and Serbia through the gradual removal of customs duties and quotas.
The interim agreement will be valid until the enforcement of the SAA and its implementation will start immediately.
The interim agreement affirms the EU decision made in 2000, under which customs duties and most of the quotas were removed for goods being exported from Serbia to EU, which led to savings of more than €2 billion for Serbian exporters.
Bearing in mind that the decision was valid until 2010, the beginning of the implementation of the interim trade agreement is extremely important because it makes the removal of customs duties on Serbian exports an obligation for the EU.
This will further increase Serbia’s economic stability and provide added security to exporters by making customs free export to the EU market a certainty.
Serbia will receive exclusive tariffs for the export of certain sensitive products categorised under the EU’s special trade regime, such as sugar (180,000 tonnes), wine (63,000 hectolitres), beef (8,700 tonnes) and certain types of fish.
It will also be entitled to the cumulation of origin of goods in the trade with the EU, the CEFTA region and soon also with Turkey and EFTA countries (Norway, Switzerland, Iceland and Lichtenstein).
This will facilitate the placement of goods for domestic producers and bring them on a par with other companies, primarily those in the region.
On the other hand, Serbia will be a more attractive investment target, especially for companies with production facilities in CEFTA countries.
The fact that in 2008 54% of Serbia’s export went to the EU market (€4.03 billion) and 33% to CEFTA countries (€2.45 billion) confirms the economic significance of the agreement.
This agreement will bring more trade preferences to the Serbian economy than all the other free trade agreements Serbia has signed.
In order to monitor the implementation of the trade agreement a board for implementation will be formed, whose members will be representatives of the EU and the Serbian government, the statement adds.
The interim agreement will be valid until the enforcement of the SAA and its implementation will start immediately.
The interim agreement affirms the EU decision made in 2000, under which customs duties and most of the quotas were removed for goods being exported from Serbia to EU, which led to savings of more than €2 billion for Serbian exporters.
Bearing in mind that the decision was valid until 2010, the beginning of the implementation of the interim trade agreement is extremely important because it makes the removal of customs duties on Serbian exports an obligation for the EU.
This will further increase Serbia’s economic stability and provide added security to exporters by making customs free export to the EU market a certainty.
Serbia will receive exclusive tariffs for the export of certain sensitive products categorised under the EU’s special trade regime, such as sugar (180,000 tonnes), wine (63,000 hectolitres), beef (8,700 tonnes) and certain types of fish.
It will also be entitled to the cumulation of origin of goods in the trade with the EU, the CEFTA region and soon also with Turkey and EFTA countries (Norway, Switzerland, Iceland and Lichtenstein).
This will facilitate the placement of goods for domestic producers and bring them on a par with other companies, primarily those in the region.
On the other hand, Serbia will be a more attractive investment target, especially for companies with production facilities in CEFTA countries.
The fact that in 2008 54% of Serbia’s export went to the EU market (€4.03 billion) and 33% to CEFTA countries (€2.45 billion) confirms the economic significance of the agreement.
This agreement will bring more trade preferences to the Serbian economy than all the other free trade agreements Serbia has signed.
In order to monitor the implementation of the trade agreement a board for implementation will be formed, whose members will be representatives of the EU and the Serbian government, the statement adds.
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