Serbia, United Kingdom and Serbia sign partnership, trade and cooperation agreement
The UK and Serbia have signed a partnership, trade and cooperation agreement to ensure the continuation and growth of the Â£ 682million trade between the two countries.
The agreement guarantees continued preferential trade access between the UK and Serbia with significant savings for businesses to support jobs and the economy as a whole. It also sets out how the two countries will strengthen their political, economic, security and cultural ties, and reaffirms UK support for governance reform in Serbia that will protect its competitive business environment and an open and democratic society.
The preferential trading terms guaranteed by the agreement will allow UK companies to trade as they did before January 1, 2021.
British companies such as Unilever, AstraZeneca, JCB and Jaguar Land Rover are thriving in Serbia, and companies such as Rio Tinto have invested significant sums in large-scale initiatives that will advance electric vehicle production and help reduce costs. carbon emissions around the world.
It was signed by His Majesty’s Ambassador to Serbia Sian MacLeod and Serbian Minister of Trade, Tourism and Telecommunications Tatjana MatiÄ in Belgrade.
FCDO Minister for the European Neighborhood, Wendy Morton, said:
This is the latest deal signed by the UK guaranteeing hundreds of millions of pounds of trade between our two countries, which supports jobs and the economies at large.
It demonstrates the UK’s commitment to civil society across Serbia with the promotion of governance and rule of law reforms, while addressing the threat posed by climate change by jointly building a greener and more resilient future.
Exports Minister MP Graham Stuart said:
This is great news for businesses in the UK and Serbia as it brings certainty and strengthens ties between the two countries to spur growth and support economic recovery from covid-19.
This agreement will support jobs across the country, stimulate investment and open up opportunities for our exporters.
His Majesty’s Ambassador to Serbia Sian MacLeod OBE said:
With the personal support of Prime Minister Boris Johnson and President Aleksandar Vucic, the UK and Serbia have worked together to build a stronger, forward-looking relationship. Increasing trade and investment is an important part of this ambition. This agreement is both an important demonstration of our shared commitment to the relationship and a practical way to facilitate smooth trade for the benefit of businesses and consumers in our two countries. I look forward to seeing more British businesses thrive in Serbia and British expertise boosting Serbia’s economic development.
UK Export Finance is now establishing its presence in the region with over Â£ 3.5bn available to finance projects in Serbia, bringing greater value for money to UK supply chains and making major infrastructure projects more competitive than ever.
- This agreement replicates as far as possible the effects of the existing EU-Serbia Stabilization and Association Agreement, bringing certainty to businesses and consumers in the UK and Serbia.
- The main UK exports to Serbia include scientific instruments, medicine and pharmacy, machinery and clothing.
- This agreement will now be subject to national parliamentary procedures in the United Kingdom and Serbia.
- We have trade deals with 67 countries plus the EU, which account for Â£ 891 billion of UK bilateral trade in 2019.
- Source: ONS UK Trade: All countries, July to September 2020 not seasonally adjusted