Duty-free export to the U.S. for 4000 Serbian products to 31 July 2013

The American Congress has once again ratified the Generalized System of Preferences (GSP) trade regime, confirming that Serbia is on the list of countries which have access to a preferential export regime for exporting to the United States, the Serbia Investment and Export Promotion Agency (SIEPA) announced Tuesday.

This makes it possible for Serbian companies to export more than 4,000 products to the US without paying customs duties until July 31st, 2013, reads a release issued by SIEPA.

The Congress has also confirmed that companies importing from GSP nations will be eligible to receive refunds, as the GSP will be retroactively applied to include all of 2011.

"This is a good news for both American importers, who will be further encouraged to import our goods; and Serbian exporters, who will be encouraged to more aggressively 'attack' this wealthy market. With this, the size of the market to which Serbian goods can be exported with no or very little customs duties grows to around one billion people. This is good news for interested investors as well. Simply put, investors who come to Serbia to manufacture for export can count on significant savings when exporting their goods which, in turn, makes them more competitive in their target markets," noted Bozidar Laganin, SIEPA Director, in reaction to the news.

"Serbian companies and their American import partners have not taken enough advantage of these favorable terms to date; this can serve as a reminder that they should be doing exactly that. We will definitely look to increase the presence of Serbian companies in the coming years in the United States by participating in trade fairs and by using 'b2b' contacts," Laganin added.

The GSP is a trade policy tool that aims to develop exports, industrialization and economic growth of developing countries by offering preferential customs duties for their export products.

This preferential trade regime permits imports from more than 140 countries, including Serbia, to be exported to the American market with little or no customs duty.

The duty-free regime applies to 4,650 products and includes most industrial and agricultural products. Exceptions to the GSP include most textile products, clothing, footwear, watches, travel accessories, working gloves, leather garments, steel and steel products, glass and glass products and electronics.

Goods must also satisfy the appropriate criteria of origin - at least 35% of their value must have been added in Serbia and they must be delivered directly from Serbia.