The European Free Trade Area (EFTA) states and Serbia made further progress towards the speedy conclusion of a free trade pact during their second round of negotiations held on June 10-12, 2009, in Belgrade. Progress on removing barriers to trade has been rapid since the two parties initiated discussions on April 28, 2009.
Building on the good results achieved during the first round in April, negotiating teams from both sides were able to finalize texts in most fields. Further negotiations are needed regarding industrial and agricultural products. Within the scope of the agreement there will be substantive provisions on intellectual property rights.
It is hoped that the free trade agreement will facilitate increased trade between EFTA and Serbia, which amounted to USD250m in 2007. EFTA, formed of Liechtenstein, Switzerland, Norway and Iceland, is currently negotiating similar agreements with the Ukraine and Russia.
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