The Agreement will ensure £682m trade can continue and grow between the two countries.
The Agreement secures continued preferential trade access between the UK and Serbia with significant savings for business to support jobs and the wider economy. It also sets out how the two countries will strengthen political, economic, security and cultural ties, and reaffirms the UK’s support for governance reform in Serbia that will safeguard its competitive business environment and open, democratic society.
Top UK exports to Serbia include scientific instruments, medicine and pharmaceutics, machinery and clothing.
The preferential trading terms secured by the Agreement will enable British business to trade as they did before 1 January 2021.
British businesses such as Unilever, AstraZeneca, JCB and Jaguar Land Rover are flourishing in Serbia, and companies such as Rio Tinto have invested significant amounts into large scale initiatives that will drive forwards production of electric vehicles and help to cut carbon emissions around the world.
UK Export Finance is now establishing its presence in the region with over £3.5 billion available to finance projects in Serbia, bringing greater value for money from UK supply chains and making large infrastructure projects more competitive than ever before.
The UK so far has agreed trade deals with 67 countries plus the EU, that account for £891bn of UK bilateral trade in 2019.