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. 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$512.91 million in 2021, according to the United Nations COMTRADE database on international trade.  The GSP program expired in December 2020, and U.S. Congress has not renewed it yet as of July 2022.

Serbia has concluded bilateral free-trade agreements with the Russian Federation, Belarus, Kazakhstan, Turkey, 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).

In October 2019, Serbia signed a Free Trade Agreement with the Eurasian Economic Union (EAEU), which came into force in July 2021, replacing Serbia’s bilateral FTAs with EAEU member states Russia, Belarus, and Kazakhstan. Serbia, together with North Macedonia and Albania, is a member of the Open Balkan initiative, which is intended to provide greater opportunities for trade and student exchanges and encourage EU integration in the member states, inter alia.  This economic zone prepares the countries to become members of the EU. On July 29, 2021, three member countries signed an agreement to open their national borders to each other’s citizens and products on January 1, 2023, without restrictions.