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The Government of the Republic of Serbia

In the service of citizens

Great scope for export of food products to Moscow

Belgrade, 8 December 2009

Serbian Minister of Trade and Service Slobodan Milosavljevic and Minister of the Moscow City government Mikhail Mikhailovich Vyshegorodtsev opened today the 4th session of the joint expert working group for trade and economic cooperation of the governments of Serbia and Moscow.

At the opening of the two day session, Milosavljevic said that Serbia is utilising less than 15% of the potential of the free trade agreement with Russia and that it is possible to raise exports to $2 billion annually.

The Minister said that Serbia has not presented this agreement properly to European investors, who could benefit from it much more by setting up production in Serbia.

Speaking about cooperation between Serbia and Moscow, Milosavljevic said that last year's trade volume amounted to $800 million, with a deficit on Serbia's side, which imported products from Moscow to the amount of almost $500 million.

He said that Moscow expressed interest in purchasing food from Serbia for the needs of its public institutions.

According to Milosavljevic, agriculture and the food industry continue to have the greatest potential for boosting Serbian exports to Moscow, which can be done only through increasing the range and volume of products intended for export.

The Minister said that trade between Serbia and Russia has been on a constant increase in the past 10 years and that it reached $4 billion in 2008, the highest level in the last 20 years, but Serbia generated the greatest deficit, to the amount of €2.94 billion.