Serbia has been a Party to the Central European Free Trade Agreement (CEFTA) since December 2006. CEFTA is a regional free-trade agreement composed of the following members (which, together, have a total population of nearly 20 million): Albania, Bosnia and Herzegovina, Northern Macedonia, Moldova, Montenegro, Serbia and Kosovo.

Goods originating from Serbia and exported to the EU customs area are subject to preferential customs regimes. Serbia’s Stabilization and Association Agreement with the EU and Interim Agreement on Trade and Trade-Related Issues opened the door for Serbia to begin systemic reforms and harmonize its legislation with EU standards. Under this agreement, Serbia has abolished tariffs on most goods imported from the EU.

The United States restored Normal Trade Relations with Serbia in December 2003, providing improved access to the U.S. market for Serbia. In 2005, the U.S. government designated Serbia as a beneficiary of the U.S. Generalized System of Preferences (GSP), providing duty-free access to the U.S. market in various eligible categories. Serbia’s exports to the United States were US$541.48 million during 2022, according to the United Nations COMTRADE database on international trade.

Serbia has concluded bilateral free-trade agreements with the European Union, Eurasian Economic Union and its member states (the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic and the Russian Federation),Turkey, United Kingdom and North Ireland, and the European Free Trade Association (Norway, Switzerland, Iceland, and Liechtenstein). Serbia is also a beneficiary of Japan’s GSP (preferential duties on importation to Japan).

Serbia, together with North Macedonia and Albania, is a member of Open Balkan’s initiative formed with intentions to provide greater opportunities for trade, student exchanges, and encourage the EU integration in the member states, inter alia.  This economic zone prepares the countries to become members of the EU. On July 29, 2021, the three member countries signed an agreement to open their national borders to each other’s citizens and products on January 1, 2023, without restrictions.  This process is still on the way with few expected delays. Serbia signed a Free Trade Agreement with China in 2023. The agreement is expected to come into force in mid-2024.