Free trade between Serbia and Turkey, from September, 1st

Free Trade Agreement between Serbia and Turkey will begin to apply on September, 1st, 2010, it was published today (July, 13th, 2010) by the Ministry of Finance of Serbia.

Elimination of duties on imports of goods from Turkey to Serbia will take place in three phases by the year 2015. Domestic agriculture will be protected with the higher duty rate, the sector of textile industry and the black and colored metallurgy, while all industrial products will be available for export from Serbia duty free.

Free Trade Agreement of Serbia and Turkey was signed in Istanbul on June, 1st, 2009 and should have been applied from January, 1st, 2010, but the Turkish parliament has delayed its ratification.

Exports from Serbia to Turkey, in the first five months of the 2010, according to Chamber of Commerce, was 29.7 million USD, which is 115% more than in the same period last year. Imports from Turkey were worth EUR 129.9 million and have increased by 19.7%.

The total value of foreign exchange between Serbia and Turkey was 334.2 million USD, in 2009.

From Serbia to the Turkish market of about 75 million people, are mostly exported iron and steel, raw materials, excluding fuel, then the raw rubber, food and live animals, vegetables and fruit.

Frequently import goods from Turkey is yarn, fabrics and textile products, metal products, machinery and transport equipment, road vehicles and electrical machinery, apparatus and appliances.

Investments of Turkey in Serbia are around 45 million EUR, and the largest investor was the company "Efes", which has acquired brewery in Pancevo and Zajecar.