CEFTA
The Central European Free Trade Agreement (CEFTA) is a trade agreement between countries in Central and South-Eastern Europe that has replaced bilateral agreements between the countries in the region: Albania, Bosnia and Herzegovina, Croatia, FYR Macedonia, Moldova, Montenegro, Serbia and the United Nations Interim Administration Mission in Kosovo. It is in effect as of 26th July 2007 and provides companies that operate in Serbia an opportunity to reach a 30 million people market free of customs and boundaries.
Also, the Agreement stipulates accumulation of products origin, meaning that products exported from Serbia are considered of Serbian origin if integrated materials are originating from any other CEFTA country, European Community, Iceland, Norway, Switzerland (including Liechtenstein) or Turkey, provided that such products have undergone sufficient processing (where the value added there is greater than the value of the materials used) in Serbia.
EU Regulations
European Union's Stabilization and Accession Process has allowed Serbia exceptional trade measures, enabling export of all products originating from Serbia without customs and other fees, with exception of wine and baby beef. In addition, the EU Agreement abolished customs duties and quantitative limitations for import of Serbian textile products and guarantees to maintain the same policies in the future (based on the EU Autonomous Trade Measures). Using this strategy the Serbian export of mentioned products will become entirely free. In reciprocity, the Republic of Serbia obliges itself to gradually, until 2008, liberalizes customs tariffs for import of EU textile products.
U.S. Regulations
A proclamation was signed granting Generalized System of Preferences (GSP) trade benefits to Serbia. GSP goes beyond Normal Trade Relations, or Most Favored Nation, a status that the United States restored to Serbia in December 2003, as a support to the economic progress of the country.
Currently, the GSP program provides preferential duty-free entry for more than 4,650 products, including most manufactured and intermediate goods, selected agricultural and primary industrial products. Certain sensitive goods are not eligible for duty-free entry under GSP, which generally includes most textile products, leather goods and footwear. The list of eligible goods is reviewed and adjusted twice per year with input from U.S. industries.
Several Serbian companies already exporting to the United States will immediately benefit from this new status through duty-free entry of their goods to the U.S., making them more price competitive on the U.S. market.
Free Trade Agreement with Russia
A free trade agreement with Russia signed in August 2000 makes Serbia particularly attractive to foreign investors and manufacturers. The agreement stipulates that the importing country regulates the rules of origin, in accordance with WTO principles, meaning that goods produced and with prevailing value added in Serbia are considered of Serbian origin, therefore free of customs when entering the Russian market. The list of products not covered by the duty free agreement is updated annually, and it currently includes poultry, sugar, chocolate, alcoholic beverages, soap, cotton, carpets, wooden furniture, household appliances, and motor vehicles. For the complete list of products excluded from the agreement, please see the list below.
The accord is the first such agreement Russia has signed with any country outside the Commonwealth of Independent States.
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