Describes trade agreements this country is a party to. Includes resources where U.S. companies can get information on how to take advantage of these agreements.
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 UNMIK/Kosovo.
Goods originating from Serbia and exported to the EU customs area are subject to preferential customs regimes. erbia’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. The GSP program expired at the end of 2020 and is pending renewal by the U.S. Congress.
Serbia has free-trade agreements with Turkey, the European Free Trade Association (Norway, Switzerland, Iceland, and Liechtenstein), and the Eurasian Economic Union (EAEU). The latter came into force in July 2021, replacing earlier bilateral agreements with Russia, Belarus, and Kazakhstan. 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 the Open Balkan initiative, an economic and political cooperation initiative announced in July 2021 with the stated goal of facilitating trade and transportation, labor mobility, student exchanges, and eventual EU integration of the member states. 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