The Free Trade Agreement is the Most Concrete Support for the Economies of Serbia and Israel

The signing of a free trade agreement between Serbia and Israel would be a significant step forward and concrete support for increasingly intensive economic cooperation and connecting economies in various fields. This includes increasing the exchange of goods and services, sharing knowledge, and collaborating in innovative technologies. This was a joint message from the presidents of the two countries, Aleksandar Vučić and Isak Herzog, the president of the Chamber of Commerce and Industry of Serbia, Marko Čadež, as well as representatives of organizations and institutions who participated in the Round Table "Synergy in Innovation and Trade: Talks between Serbia and Israel".

President Vučić stated that he expects to complete all the necessary steps and finalize the Free Trade Agreement with Israel within a few months. Ministers in the Serbian government were instructed to speed up the preparatory actions required to sign that document. "That would be the most effective continuation of today's round table and the beginning of a new, much deeper, more serious and responsible cooperation," said Vučić. He also highlighted the need for Serbian businessmen to learn from the Israelis on how they became the center of the world in terms of startup companies.

"The President of Israel, Isaac Herzog, believes that there is a significant potential for economic cooperation between his country and Serbia. He expects that this cooperation will triple and that the ultimate goal of the relationship between the two countries is to sign a Free Trade Agreement."

"Serbia has an incredible economy that is experiencing constant growth and has great potential. Serbia is located in the heart of Europe, between East and West, and is less than a three-hour flight away from Israel in many spheres of life. The labor market is very good, with high-quality experts who have good skills, and we can talk about endless investments in both countries," said Herzog.

Marko Čadež, the president of the Chamber of Commerce and Industry of Serbia, highlighted that in recent years, Israel has emerged as Serbia's fourth largest export market outside of Europe. Since the official opening of the CCIS representative office in Jerusalem in 2021, the bilateral trade between the two countries has tripled. He emphasized that the nature of collaboration has undergone a qualitative shift, now focusing on innovation.

"Since 2021, we have connected several hundred Serbian and Israeli companies and done a good part of the work when it comes to marketing our products, but there is still a long way to go in terms of what I believe we can achieve together," said Čadež. According to the president, CCIS has prepared a catalog of goods and services that Israel currently imports, and Serbia can be more competitive in terms of pricing.

"What is much more important, we have prepared a catalog of our industrial and free zones, chemical parks, where we can very quickly establish a kind of temporary production center in Serbia with complete logistics for Israeli companies," Chadez said. He says that the focus in future cooperation will be on the transfer of knowledge and experience that Israel possesses.

Aleksandar Nikolić, director of the CCIS Representative Office in Israel, has pointed out that 2023 marked a record year in foreign trade exchange between the two countries, reaching 121.3 million euros. He emphasizes that this is the opportune time for a forum and meetings involving representatives of institutions, organizations, and businesses from Serbia and Israel. This is due to the high level of interest from Israeli investors in investing in Serbia, particularly in the renewable energy sector.

He mentioned that the EXPO 2027 exhibition presents an excellent opportunity for Israeli companies and joint projects. The exhibition was introduced to Israeli guests by Sinisa Mali, the First Vice-President of the Government of Serbia and the Minister of Finance.

The head of the Directorate for Economic Affairs at the Ministry of Foreign Affairs of Israel, Yael Ravia Caduk, assessed that this is a time of great opportunities for our economies, and the synergies of our innovative eco-systems. She pointed out that Serbian companies have opened doors in the field of hi-tec and traditional trade.

The round table "Synergy in Innovation and Trade: Talks between Serbia and Israel" was organized by CCIS in cooperation with the Embassy of Israel in Belgrade. The aim was to exchange past experiences and create plans for future cooperation between representatives of the economies and institutions of the two countries.

Several memorandums of understanding were signed in the presence of President Vučić and Herzog.