THE IMPACT OF CEFTA AGREEMENT ON THE REPUBLIC OF SERBIA FOREIGN TRADE IMPROVEMENT

DOI: 10.5937/etp2401109N

Abstract

Free trade agreements contribute to regional development,
further liberalization of foreign trade exchange and harmonization of
trade rules with international standards. CEFTA, as an agreement on
free trade of the countries of Southeast Europe, aims to ensure
liberalization and facilitate trade conditions in the region by removing
numerous barriers between member countries, while each of them
implements an independent foreign trade policy. It includes very
important areas such as: trade in goods and services, investments,
public procurement, protection of intellectual property, etc. This
agreement signifies a significant step toward enhancing cooperation
and integration within the Southeast European region.However,
establishing a legislative framework is just one aspect of a broader
process; the utilization of opportunities depends on the efforts of
signatory countries. Following the European Union, CEFTA signatory
countries are critical foreign trade partners for the Republic of Serbia,
consistently resulting in a positive trade balance. Sustaining this
positive trend is of great importance. The aim of this paper is to point
out the main aspects of this exchange, as well as to emphasize the
additional efforts that must be made in order to improve the structure of
trade exchange, i.e. to increase the participation of products with a
higher degree of processing and added value.