Free Trade Agreement Between Serbia and Egypt Enters into Force on September 1

The Free Trade Agreement between the Republic of Serbia and the Arab Republic of Egypt will come into effect on Monday, September 1, under which nearly 50 percent of agricultural products and 30 percent of industrial products will be exempt from customs duties, it was announced at the presentation of the agreement to businesses at the Chamber of Commerce and Industry of Serbia.

“The agreement is the result of years of negotiations and represents a historic moment in the economic cooperation of our two countries,” said Mihailo Vesović, Vice President of the Chamber of Commerce and Industry of Serbia.

According to him, in the first phase, the greatest liberalization will apply to agricultural products, including frozen fruit and apples. Full exemption from customs duties is expected gradually, over the next ten years, when more than 90 percent of agricultural and industrial products will be under a duty-free regime.

The agreement also brings simplified administrative procedures, certification, and a reduction of trade barriers. In addition, it opens space for new investments and joint ventures between Serbian and Egyptian companies, particularly for entering third markets, Vesović emphasized.

He added that Egypt represents an important gateway to the markets of Africa and the Middle East, and this agreement creates opportunities to increase Serbian exports to those regions.

The traditionally good political relations between the two countries, dating back to the time of the former Yugoslavia, have in recent years gained strong economic momentum, said Jagoda Lazarević, Minister of Domestic and Foreign Trade in the Government of Serbia.

Lazarević thanked the institutions involved in the process, especially the Chamber of Commerce and Industry of Serbia, which was a key partner, organized numerous business forums, and plans to open a representative office in Egypt, which will be of great importance to the economy.

The agreement not only opens the door for a wide range of Serbian products to one of the most promising African markets, but also benefits citizens through lower prices of imported goods, thanks to the elimination of customs duties. This is a concrete example of how international agreements can directly contribute to strengthening the economy and improving the living standards of our citizens, the minister added.

Serbia remains committed to expanding its economic partnerships, and today Egypt is one of our key strategic friends on the African continent, Lazarević concluded.

Serbia is the first country in the Balkans to sign a free trade agreement with Egypt. Negotiations began in June 2022, and Egypt’s Ambassador to Belgrade, Basel Salah, stressed that the agreement is the “crown of cooperation” between the two countries and expressed satisfaction at witnessing this historic moment.