Serbia Assumes Cefta Chair on Jan. 1

Belgrade (Photo: PrintScreen YouTube)

On Jan. 1, Serbia assumed a one-year chairmanship over the Central European Free Trade Agreement (CEFTA).

The priorities of Serbia's chairmanship during 2024 will be, among other things, consolidation and strengthening the implementation of the agreement, facilitating the trade of goods and services among CEFTA countries, as well as digitization.

Some of the measures that will be focused on are piloting joint customs actions, exchanging information, working toward the mutual recognition of CEFTA authorized business entities programs, electronic trade and facilitating the trading of fruit and vegetables. In addition, Serbia's priorities will include lowering the costs of trade and waiting times at the border, working to recognize professional qualifications, as well as completing the text of a new additional CEFTA protocol on solving disputes.

For Serbia, participation in the CEFTA agreement, which is based on the EU's standards and principles, means better access to markets for selling goods and services, lowering trade barriers and facilitating business at the regional level.

The CEFTA market is Serbia's second largest partner in trade, i.e. the importing and exporting of goods, right behind the EU. In 11 months in 2023, Serbia achieved over EUR5.5 billion in trade with CEFTA countries.