Free Trade Agreement between Serbia and Egypt to come into effect on September 1

The Serbia-Egypt Free Trade Agreement will come into effect on September 1, making almost 50% of agricultural and 30% of industrial products duty-free, it was highlighted at the presentation of the agreement to business people at the Chamber of Commerce of Serbia (CCIS).

– The agreement is the result of years of negotiations and represents a historic moment in the economic cooperation between our two countries – said Mihailo Vesovic, Deputy President of the CCIS.

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

– The agreement also brings simplified administrative procedures, certification and reduction of trade barriers. In addition, it opens up space for new investments and joint investments by companies from Serbia and Egypt, especially for the purpose of entering third markets – emphasized Vesovic.

He added that Egypt was an important gateway to the markets of Africa and the Middle East and that the agreement opened the possibility of increasing exports of Serbian products to those regions.

– Traditionally good political relations between the two countries, which date back to the time of the former Yugoslavia, have gained strong economic momentum in recent years – emphasized Jagoda Lazarevic, Minister of Domestic and Foreign Trade in the Government of Serbia.

She said that the agreement not only opened the door to a wide range of Serbian products on one of the most promising African markets, but also benefited citizens through lower prices of imported goods, thanks to the abolition of customs duties.

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

– The traditionally friendly relations between Serbia and Egypt have now led to a win-win situation in economic terms – said the ambassador, stating that in the first phase of implementation, the focus was on duty-free exports of agricultural and food products, and that services would be included later.

Ministarstvo unutrašnje i spoljne trgovine Republike Srbije

Privredna komora Srbije

Ministry of Trade

Chamber of Commerce of Serbia

Jagoda Lazarević

Mihailo Vesović

Basel Salah

Free Trade Agreement between Serbia and Egypt