EU and Serbia enhanced their cooperation as from 1 September the Stabilisation and Association agreement (SAA) between the two sides entered into force.
European Commissioner for Enlargement and Neighbourhood Policy, Štefan Füle said about the initiation of the EU and Serbia SAA. “Today is a milestone in Serbia's path towards the EU, as well as a good deal for citizens on both sides. Serbia now has a comprehensive framework in place to move closer to the EU and to prepare for its future participation in the Single Market, with all the benefits it offers to business and citizens.”
According to the Commission, the EU and Serbia association will bring the two sides closer as it will enhance trade relations and advance the accession process. SAA, leads to the setting up of a much more complete formal institutional structure, covering not only trade and trade related matters but also political dialogue, justice and home affairs, innovation, research, electronic communications, media and social policy, transport, environment and energy, and regional development. Moreover, the SAA will also help Serbia implement EU standards in key areas such as competition and state aid rules, intellectual property, public procurement and consumer protection.
The Serbian economy relies on manufacturing and exports, driven largely by foreign investment. During the first 11 months of 2012, Serbia exports to the EU grew by 4.8 per cent and its imports from the EU grew by 9.2 per cent. Last but not least, Serbia has seen its trade surplus in agricultural products with the EU grow from €200 million in 2009 to almost €500 million in 2011.
Overall, EU and Serbia relations are deepening. On 28 June, the two sides agreed that EU membership talks for Serbia would start in January 2014 at the very latest.