The free trade agreement between Serbia and the European Free Trade Association (EFTA) countries shows great promise
The free trade agreement between Serbia and the European Free Trade Association (EFTA) countries – Switzerland, Norway, Iceland and Liechtenstein – came into effect on October 1st, 2010, giving Serbia duty-free access to a market of 13 million potential consumers. The agreement with Serbia has been ratified by Switzerland and Lichtenstein, while the ratifications by Norway and Iceland are expected early in 2011. The trade value between Serbia and the EFTA countries in 2008 was $338 million. The value of the goods imported into Serbia from these countries was $267 million and consisted primarily of pharmaceutical products, machines, optics, medical equipment, watches and chemicals; exported goods to these countries totalled $71 million in value and mainly included aluminum and aluminum products, machines, and fruits. On the day the agreement comes into force, the EFTA countries will revoke all custom taxes on the industrial products made in Serbia, while Serbia will be gradual lower duties on the import of industrial products from these nations by the end of 2013.