EFTA-Serbia Free Trade Agreement to enter into force on 1 October 2010

Published 29-09-2010
Following ratification of the EFTA-Serbia Free Trade Agreement (FTA) by Liechtenstein, Switzerland and Serbia, the FTA will enter into force between these three parties on 1 October 2010. For Iceland and Norway, it will become effective after completion of their ratification procedures.

The FTA between the four EFTA States and the Republic of Serbia was signed on 17 December 2009. Its focus is on the liberalisation of trade in goods. The EFTA States will abolish all customs duties on Serbian industrial products as of the entry into force of the FTA. Serbia will dismantle its customs duties for imports of industrial products from the EFTA States by the end of 2013. Bilateral arrangements on agricultural products between the individual EFTA States and Serbia complement the instruments establishing the free trade area. The FTA furthermore contains provisions on the protection of intellectual property rights, on services and investment, and on public procurement.

In 2009, total merchandise trade between EFTA and Serbia amounted to USD 263 million. Exports from the EFTA States reached USD 211 million, consisting mainly of pharmaceutical products, machinery, optical/medical equipment, clocks and watches, and chemicals. The EFTA States imported products from Serbia worth USD 52 million, primarily copper and aluminium, and articles thereof, machinery, fruits and nuts, as well as machinery and mechanical appliances. Companies from the EFTA States are significant investors in the Serbian services and manufacturing sectors.