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Serbia concludes trade agreements with Egypt and UAE: Tariffs to be eliminated on specific products

Welcome to Serbia | 25 June 2024

Serbia concludes trade agreements with Egypt and UAE: Tariffs to be eliminated on specific products

by RT Balkan

Serbia has successfully finalized negotiations on free trade agreements with Egypt and the United Arab Emirates (UAE), which are set to come into effect following ratification and exchange of notes. The Ministry of Trade has also indicated potential for establishing free trade agreements with the Republic of Korea.

Finalized Agreements and Future Prospects

After the upcoming lifting of trade barriers for Serbian products in China, expected on July 1, tariffs with Egypt and the UAE are also anticipated to be abolished soon. The Ministry of Domestic and Foreign Trade (MDFT) informed RT Balkan that the signing of the free trade agreement with Egypt is imminent, as negotiations have been completed and only the necessary formal procedures remain before the official signing.

Similarly, negotiations with the UAE have concluded, and the legal and technical review of the agreement’s text is underway. The signing of this agreement is expected shortly. Both agreements will become effective upon ratification and exchange of diplomatic notes.

Expanding Trade Horizons

The Ministry of Trade has revealed that discussions are ongoing regarding the establishment of a free trade agreement with the Republic of Korea, which boasts a highly developed and technologically advanced economy, making it an extremely attractive trade partner.

The Ministry emphasized that these agreements, by reducing or eliminating customs duties, provide Serbian businesses with more favorable access to the markets of Egypt and the UAE compared to countries that do not have free trade agreements with them. This enhances the competitiveness of Serbian products. Additionally, these agreements are expected to increase mutual trade volumes and Serbian exports, thereby contributing to increased investment and the creation of new jobs.

Products Benefiting from the Agreements

“With respect to industrial products originating from Serbia, tariffs will be completely eliminated for items such as copper cathodes and sections of cathodes, various pharmaceuticals for retail, specific types of paper and cardboard, gas oils, semi-finished aluminum products, hand tools, other construction ceramics, tiles, certain machinery parts, locks and furniture locks, and various marine cranes,” stated the Ministry.

These developments signal a significant step forward in Serbia’s trade relations, promising substantial economic benefits and reinforcing its position in the global market.

 source: Welcome to Serbia