BRUSSELS (BNO NEWS) -- The European Union on Tuesday signed a bilateral agreement for Serbia's accession to the World Trade Organization (WTO), officials said.

The agreement was signed by European Commissioner for Trade Karel De Gucht and Serbian Deputy Prime Minister and Minister of Economy and Regional Development Mladjan Dinkic. "Today's signature is a milestone in Serbia's WTO accession process and an important step towards fostering our economic relations," said De Gucht. "Serbia has made remarkable progress in preparing for WTO entry and the EU remains a strong supporter of its swift WTO accession."

The document includes provisions on fees for trade in goods and the reciprocal opening of the partner's respective services markets. These commitments will be stated in the future Protocol of Accession of Serbia to the WTO.

Before accessing the WTO, the Balkan country must complete bilateral negotiations with other WTO members and have its accession endorsed by a multilateral working group in Geneva, Switzerland.

"Serbia invested serious efforts in order to become a member of this important family. On this road Serbia was not alone, since the EU was and still is supporting this goal," said Minister Dinkic. "If we find the same constructive attitude with other partners, we are ready to finish accession negotiations by the end of this year."

Serbia applied for WTO membership in December 2004 and the application was accepted by the WTO General Council in February 2005. A working group was established to start the negotiations as Serbia also engaged in parallel talks with a number of WTO members.

The EU is Serbia's main trading partner. In 2009, the total value of goods exported to Serbia was €3.4 million ($4.4 million), whereas imports from Serbia amounted to €3.2 million ($4.1 million). Serbia mainly exports iron and steel products, tires, electrical machinery, corn and raspberries.

On the other hand, the EU provides the Balkan country with machinery, transport equipment, and manufactured goods. The EU and Serbia previously agreed on bilateral trade commitments in the 2008 Stabilization and Association Agreement (SAA).

Accession to the WTO will mean a lasting contribution to the process of economic reform and sustainable development in Serbia. Its capital, Belgrade, is among the most populated cities in Southeastern Europe.

11 Jan 2011

Source: wireupdate.com

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