Chance for Serbian export - Agreement on free trade between Serbia and Turkey in force

EMG Portal, Serbia

Chance for Serbian export - Agreement on free trade between Serbia and Turkey in force

03 September 2010

(Source: Business in Serbia)

On the occasion of coming into force of the Agreement, Serbian Ministry of Economy pointed out that, in addition to simplification of the export of goods, it would introduce Turkey as potential significant source of raw materials for Serbian economy in certain domains, one of which is textile industry.

Agreement on free trade between Serbia and Turkey, which should increase the volume of exchange of goods between the two countries, Serbian export in particular, came in effect this week.

- The Agreement will facilitate joint production and diagonal cumulation of origin of goods , which means that Serbian businessmen will be able to procure raw materials and semi-finished products in Turkey, process them in Serbia, and then export such goods to the EU, Turkey, and CEFTA countries, either free of duties or with preferential duties - it is emphasized in the statement by the Ministry of Economy of Serbia.

Ivan Jaksic, a representative of the Serbian Chamber of Commerce (SCC), told Beta agency that the greatest prospects for further improvement of business cooperation between Serbia and Turkey existed in textile industry, energy sector, automotive industry, food production and packing, information technologies, as well as in the production of glass and glass products.

Jaksic said that the value of exchange of goods between Serbia and Turkey during the first seven months of 2010 was USD 219.2m, while Serbian deficit amounted to 133.3 million dollars.

- Serbia’s export to Turkey in that period was doubled when compared to the same period in 2009 and it amounted to 42.9 million dollars, while the import from Turkey grew by 15.6% and reached 176.3 million dollars - Jaksic specified.

He pointed out that six out of ten most significant products in Serbian export to Turkey were on the list of products that Turkey imported the most: steel and iron, boilers, machines and appliances, plastic mass, various chemical products, copper and copper products, paper and cardboard.

Jaksic announced that SCC would organize Serbian-Turkish Business Forum on September 24th in association with the Istanbul Industrial Chamber and the Turkish International Business Cooperation Board.

- The aim of the meeting is to enable Serbian businessmen to lead business talks with the partners from Turkey in altered conditions - said the representative of SCC.

On the occasion of coming into force of the Agreement, Serbian Ministry of Economy pointed out that, in addition to simplification of the export of goods, it would introduce Turkey as potential significant source of raw materials for Serbian economy in certain domains, one of which is textile industry.

- One of the potentials of the Agreement is also the size of the new expanded market since Turkey has 72.5m citizens - said the Ministry.

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