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International Information Centre for Balkan Studies



Serbia's public debt now at 50.9 percent of GDP

Serbia's public debt at the end of March amounted to 23.4 billion euros, which is 50.9 percent of the planned annual GDP.

May 6, 2019

The Finance Ministry announced this on Monday.

At the end of February, the public debt was 23.15 billion euros, or 50.4% of GDP.

At the end of 2018, the figure amounted to 23.01 billion euros, which was 53.8 percent of GDP, and at the end of 2017 it was 23.22 billion euros, or 57.9 percent of GDP.

The lowest number was reached in 2008, when it amounted to 8.78 billion euros or 28.3 percent of GDP, while at the end of 2000 it amounted to 14.17 billion euros, which was 201.2 percent of GDP.

According to the Law on the Budget System, the share of public debt in GDP is limited to 45 percent.

Source: https://www.b92.net/eng/news/business.php?yyyy=2019&mm=05&dd=06&nav_id=106768

Minister: IMF thinks Serbia achieved "incredible result"

The IMF and the World Bank have assessed that Serbia has achieved an incredible result by reducing its public debt.

May 1, 2019

The figure used to be over 70 percent of GDP, and is now at 50 percent with a tendency of further decline, says Finance Minister Sinisa Mali.

Speaking for Tanjug, he recalled under the Maastricht criteria, the public debt should not exceed 60 percent of GDP.

Mali said that only a few years back, in 2014, Serbia's public debt was mover 70 percent of GDP, to be at 50.8 percent at the end of March this year.

"We accomplished that during the time of financial consolidation. Recently I had an opportunity to speak about this at the London Stock Exchange, where 300 of the largest investors in central and eastern Europe heard the results of our reform. They were impressed by how we managed to achieve growth in spite of the consolidation and a reduction of salaries and pensions," Mali said

The minister stressed that reducing the public debt is a part of a responsible economic policy aimed at "not leaving costly loans and high indebtedness of the country to our children."

He added that, in contrast, the previous authorities left the country on the brink of bankruptcy.

The IMF and the World Bank also predict that Serbia will be the carrier of economic growth in the region, with a cumulative growth that will at the end of 2023 be 21.1 percent higher than in 2018.

According to the forecasts of international financial institutions, the Serbian economy will in the next five-year period grow by four percent a year on average - with none of the countries it borders having higher cumulative growth.

The IMF predicts GDP per capita in 2023 to reach USD 10,394 - an increase of 44 percent from USD 7,207 in 2018.

Source: https://www.b92.net/eng/news/business.php?yyyy=2019&mm=05&dd=01&nav_id=106740   

"Balkan Exodus": Six million people have left region

EBRD analyses show that during migrations, highly qualified personnel rather than those with average knowledge and skills leave regional countries.

May 2, 2019

European Bank for Reconstruction and Development (EBRD) President Suma Chakrabarti told RTS that migration of skilled workers has a negative effect on productivity, and that negative growth effects can also lead to the departure of low-skilled labor.

(Phito: Vaicheslav/Depositphotos)

"Emigration, especially of young trained personnel, is a serious problem for the Western Balkans. Migrations are motivated by income disparities in comparison with (other) European countries, which is the main target region. But migrations are also affected by dissatisfaction with domestic political and economic opportunities," said Chakrabarti.

He cited assessments that show nearly six million people from this region currently living abroad, which represents a third of the Western Balkans population.

"Regardless of the fact that these people send a significant amount of remittances home (in Serbia, the inflow from remittances last year amounted to 2.6 billion euros) - their talents are used by other countries, and remittances do not have a significant effect on development. They also limit the readiness of whose who stayed at home to work," he added.

As Chakrabarti said, "solving the problem of migration is very complex."

"It's not just about raising the level of income, which is a difficult issue in itself, but also about creating better living conditions at the local and national level. This implies better functioning of public institutions, which should serve people instead of complicating their lives, providing high quality health care and education, as well as a judicial system in which judicial proceedings will be fair and will not last for years," he said.

"It also implies access to quality water supply, but also wastewater treatment services, as well as good air quality. This should be a priority for economic policy makers, just as the better roads and railroads are," Chakrabarti concluded.

Source: https://www.b92.net/eng/news/business.php?yyyy=2019&mm=05&dd=02&nav_id=106748    

"Stable economic climate encourages investors"

Prime Minister Ana Brnabic spoke on Wednesday in Belgade with President of the European Bank for Reconstruction and Development (EBRD) Suma Chakrabarti.

April 17, 2019

They discussed "cooperation to date and plans for the future projects of the EBRD in the Republic of Serbia," the government has announced.

Brnabic informed Chakrabarti about the progress of the reform process, especially in the field of the economy and education, and underlined that cooperation with the EBRD is significant for the further development of the Serbian economy.

She said that even stronger development of the IT sector remains to be the priority goal in the coming period, as well as greater investments in the development of small and medium-sized enterprises in which the support of the EBRD would be very significant.

Chakrabarti expressed satisfaction with the reforms implemented, especially in the field of the economy, and assessed that progress has been made, and that a stable economic climate is a good incentive for new investments in Serbia.

The meeting also looked at future EBRD projects in the area of infrastructure and energy.

The two officials highlighted the importance of the realization of the project for construction of a waste treatment plant in Vinca.

Source: https://www.b92.net/eng/news/business.php?yyyy=2019&mm=04&dd=17&nav_id=106648

Work permit procedure for foreigners to be simplified

The Serbian government on Thursday adopted the Bill on Changes and Amendments to the Law on Employment of Foreigners.

 April 5, 2019

The proposed amendments will simplify the procedure of issuing work permits to foreigners, with the aim of creating a more favorable business environment and further attracting foreign investments as one of the priorities of the government.

By introducing the possibility of issuing a work permit to a foreigner based on an approved visa for longer residence based on employment, the conditions for more efficient work of the National Employment Service are created, the final effect of which is the acceleration of the procedure for obtaining a work permit and the possibility for foreign nationals to start with business activities, the government announced.

At the session, the decision was made to establish the Academy of Education and Medical Vocational Studies.

Athlete Damir Mikec was awarded a cash prize of EUR 15,000 in dinar counter value for the silver medal at the European Championships in Olympic sports discipline shooting, which was held in Osijek in March this year.

The same amount was awarded to his coach Goran Mikec for winning the silver medal at this competition.

For the bronze medal won at the European Championship in Olympic sports discipline athletics, held in Osijek, athlete Zorana Arunovic and her coach Goran Mikec were awarded a cash prize of EUR 10.000 each in dinar counter value.

Government members adopted today the National Program for the Suppression of the Gray Economy with the Action Plan for its implementation for the period 2019-2020.

Adoption of the revised text of the National Program is necessary in order to apply the activities and measures to combat the gray economy as soon as possible, in order to preserve fiscal stability and improve business environment.

At today's session, the Action Plan for the period 2019-2020 was adopted for the implementation of the Strategy for Development of Internal Financial Control in the Public Sector in the Republic of Serbia for the period 2017-2020.

The government adopted the Conclusion on the adoption of the Action Plan for Negotiating Chapter 22- Regional Policy and Coordination of Structural Instruments in the Accession Negotiations of the Republic of Serbia with the European Union.

Source: https://www.b92.net/eng/news/politics.php?yyyy=2019&mm=04&dd=05&nav_id=106560             

Work on regional connectivity continues - PM

Prime Minister Ana Brnabic spoke on Thursday in Belgrade at the opening of the Second Digital Summit of the Western Balkans.

April 4, 2019

Brnabic said that her government has set digitization and education as their absolute priorities in order to take advantage of all the chances that are being offered to us today.

"The digital summit is important for several reasons: political, social and economic. Today, we send a message to the world to the world that, despite all the challenges and misunderstandings, we continue to work on regional networking, regional cooperation, implementation of previously agreed agreements and commitments, and opening new perspectives," Brnabic said, according to her remarks published by the government.

"The political moment is certainly not the best for a regional summit, and even less for the signing of new regional agreements. But the future of the region, the future of young people living in this region depends on the fact that in such difficult and complex situations, we bring primarily a political decision that we will continue to build the stability of the region, and not further collapse," she said.

"That we will do our best to show our partners abroad that we are a stable and predictable partner, and to our citizens, that we are serious and responsible. To young people, that this region has a different, better perspective. To give them a signal that we are more responsible and that they should stay here and not look for our future somewhere else," the prime minister said, adding that one of the things that will mark this Summit is the signing the Regional Roaming Agreement.

"This was a difficult decision for us at a time when Pristina is imposing, for over four months now, 100 percent taxes on products from central Serbia and Bosnia-Herzegovina, which are measures that do not correspond to the time in which we live and the spirit of cooperation that we are trying to promote, together with our partners, primarily from the EU, and which also represent a direct violation of the CEFTA agreement, which is the basis of all further regional relations and cooperation," Brnabic said.

According to her, egional Roaming Agreement is not just a document that defines how telecom operators will behave in the region, but also, from Serbia's point of view, "shows the map of the road that we need to follow: more cooperation and more agreement, more mutual understanding in the interests of all citizens living in this region."

"Economically, this summit is important to show that our region follows the time and trends we live in. To understand very well, we not only live in a time that dictates and defines digital technologies and digital literacy, but rather that we live in the time of another, 4th Industrial Revolution, in which the entire Western Balkans has the opportunity, if we are smart, to be reasonable and dedicated, we compensate for the missed and change our destiny," Brnabic said, adding that she was pleased that the Digital Summit of the Western Balkans gathered more than 4,000 accredited persons and 200 speakers in three stages this year, "and that this room is too small today for all who wanted to come."

She also thanked "our partners from the EU, and especially the people from the European Commission, above all Commissioner Mariya Gabriel and her team, on the effort, work, support and understanding."

Source: https://www.b92.net/eng/news/politics.php?yyyy=2019&mm=04&dd=04&nav_id=106557

"Investment cycle worth EUR 5.5 billion begins"

Deputy PM Zorana Mihajlovic on Wednesday in Belgrade opened the conference "Transport & Logistics of South East Europe and Danube Region TIL 2019."

MARCH 27, 2019

This event is attended by companies that will, together with Serbia, realize a new investment cycle in infrastructure worth more than 5.5 billion euros.

Mihajlovic told reporters at the Sava Center conference hall that she expects Serbia to make significant progress in the field of transport logistics as soon as in a year's time. 

"It is important to show what we are doing in the area of infrastructure and logistics, and from year to year we have had an increasing number of participants at this conference, which shows that Serbia is gaining an ever more important place in the field of transport infrastructure and logistics," said Mihajlovic. 

She also pointed out that a new investment cycle in infrastructure worth more than 5.5 billion euros is starting and that companies participating in the conference areinterested in working on these projects in Serbia. 

Mihajlovic said that the conference will contribute to "Serbian companies exchanging their experiences."

Source: https://www.b92.net/eng/news/business.php?yyyy=2019&mm=03&dd=27&nav_id=106499

China "has 10 projects for Serbia worth 100s of millions"

China has a package of at least 10 major infrastructure projects ready for Serbia, worth dozens, if not hundreds of millions of dollars.

 MARCH 25, 2019

Belgrade daily Srpski Telegraf reported this on Saturday.

The Ikarbus investment, which will make Serbia one of the first European countries to produce electric buses and electric vans, is just the beginning, the article, quoted by Tanjug, continued. 

The Chinese investments will be agreed in detail when the presidents of China and Serbia Xi Jinping and Aleksandar Vucic meet in Beijing at a global Belt and Road conference in late April. 

"They (China) have inquired very cautiously and in great detail for months, picking projects, negotiating, laying the groundwork and sending expert teams until they made sure their millions will be in safe hands in Serbia," a source in the Serbian government told Srpski Telegraf. 

The source added that Serbians could witness the seriousness of China's approach to business when they invested in RTB Bor (copper mines and smelter) and the Smederevo steel mill. 

"Good economic relations, as well as the friendship between the two countries' presidents have contributed to investors entrusting us with as many as ten new investment projects. Everything is ready, they just remain to be signed," the newspaper's source said. 

The Chinese have announced earlier that they will invest as much as USD 10 billion in South-Eastern Europe within the said Belt and Road conference.

Source: https://www.b92.net/eng/news/business.php?yyyy=2019&mm=03&dd=25&nav_id=106479

Serbia and Turkey look to boost energy cooperation

Serbia and Turkey are ready to make concrete their cooperation in the field of electric power supply and gas distribution.

MARCH 21, 2019

 

This was said in Belgrade on Wednesday, during a meeting between Minister of Mining and Energy Aleksandar Antic and representatives of the Ministry of Energy and Natural Resources of Turkey, and Turkish energy companies.

The Turkish delegation was led by the country's Ambassador to Serbia Tanju Bilgic, with another topic discussed being "cooperation within the transmission system of the electrical network, through the Center for Security Coordination, which would greatly contribute to the overall security of transmission systems throughout the Balkans," the Serbian government announced. 

Antic assessed that "overall relations between Serbia and Turkey are at a high level, given the strong partnership and friendship of presidents Aleksandar Vucic and Recep Tayyip Erdogan, which contributes greatly to economic cooperation and overall political stability." 

He said that the meeting was important because representatives of the leading energy companies of the two countries were also present, who expressed interest in strengthening the partnership, establishing cooperation and implementing future joint projects. 

The minister "expressed expectation that the experts of the relevant ministries and companies from the two countries will continue to find the modalities of cooperation, so that at the next meeting, the two presidents could discuss concrete results in the field of energy."

Source: https://www.b92.net/eng/news/business.php?yyyy=2019&mm=03&dd=21&nav_id=106453

CEFTA "needs recovery to stay alive"

Minister of Trade, Tourism and Telecommunications Rasim Ljajic says the Central European Free Trade Agreement (CEFTA) "needs recovery to stay alive."

MARCH 20, 2019

Speaking to Politika daily, Ljajic said the existence of the 2006 trade deal was in doubt after Pristina's decision to introduce taxes and non-tariff barriers for Serbian goods.

Serbia is losing around a million euros a day due to the inability to market its goods in Kosovo and Metohija, he said. 

"How can countries be prevented from introducing barriers after what Pristina has done? If CEFTA was unable to prevent that, the existence of this free trade agreement is very much in doubt," Ljajic said. 

While some kind of a "CEFTA+" deal is an option, it is hard to imagine any agreement can come to life without support from the EU, which must get more involved, he said. 

"It is necessary to put all open questions on the table, to remove trade barriers, harmonize certificates, liberalize the labor market," Ljajic said. 

He also pointed to large losses due to the long wait during the transport of goods at border crossings. 

"With North Macedonia we have managed to resolve controversial issues, with Bosnia we have solved nine of 13. We need good will and coordination," added the Serbian minister.

 Source: https://www.b92.net/eng/news/business.php?yyyy=2019&mm=03&dd=20&nav_id=106444

DANGEROUS ATTENTION TO CROATIA

Due to the disposal of radioactive waste from a nuclear power plant near the B&H border, Dodik will take these measures:

- I think Croatia ignores the reactions of the population on the right side of the Una River - he said.

March 20, 2019

B&H Presidency Chairman Milorad Dodik said today that he is glad that Croatia finally granted permission to build a bridge on the Sava River near Gradiška, stating that this is a lesser problem that burdens relations with this country.

- For a long time, it is awaited, a series of problems were related to relations with Croatia, and I am pleased that this has been shifted - Dodik said.

He expressed the belief that the construction of the bridge will now be a dynamism that is structurally and structurally possible.

In a conversation with reporters during the Business Management Forum in Bijeljina, Dodik criticized Croatia's attitude towards the problem of the intention of placing nuclear waste landfill on the border with Republika Srpska and B&H.

- I think Croatia ignores the reactions of the population on the right side of the Una River - he said.

Dodik has announced that this problem will be placed on the agenda of the B&H Presidency.

- We will ask from the B&H Presidency level to put this issue completely under control and to do everything possible to dislocate this (announced landfill of nuclear waste) from there - said Dodik.

Croatian media announced earlier that the Croatian government started preparations for the beginning of the disposal of radioactive waste from the nuclear power plant Krško in the abandoned barracks Čerkezovac at Trgovska gora, near the border with Bosnia and Herzegovina, or Republika Srpska.

Unofficial translation from source: https://www.slobodna-bosna.ba/vijest/108949/opasno_se_naljutio_na_hrvatsku_zbog_odlaganja_radioaktivnog

The unemployment rate in Kosovo is the largest in the Balkans

March 19, 2019

A report by the World Bank and the Vienna Institute for International Economic Studies on trends in labor markets in the Western Balkans for 2018 point out that unemployment in Kosovo is the highest in the Balkans and amounts to 29 percent. The report notes that in the countries of the Western Balkans, the unemployment rate fell from 16.2 percent to 15.3 percent, which according to the estimates of these two institutions is a historic reduction in unemployment.

The unemployment rate ranges from 12 percent in Albania and Serbia to 29 percent in Kosovo, Beta reports.

It is also noted that the region faces a substantial long-term reduction in unemployment, from 1.5 million unemployed in 2011 to 776,000 in the second quarter of 2018.

Regardless of these positive developments, the unemployment rate remains double or triple in relation to the countries of the European Union.

Women continue to be least represented on labor markets, but they were "the biggest winners of almost half of this increase in employment," the report said.

It also says that the employment rate of young people is improving, but independently, according to the report, on average 50% of young people work on the basis of fixed-term contracts.

Unofficial translation from Source: http://www.politika.rs/scc/clanak/425362/Stopa-nezaposlenosti-na-Kosovu-najveca-na-Balkanu

The construction of the Belgrade-Bijeljina-Sarajevo highway begins around Vidovdan

Serbia is investing another 8.4 million euros for projects in Republika Srpska

 March 19, .2019

 The second half of June, around Vidovdan (June 28), will begin works on the highway Belgrade - Bijeljina - Sarajevo, from Kuzmin to Sremska Raca, Serbian President Aleksandar Vucic announced today.

"Concrete works on the Belgrade-Bijeljina-Sarajevo highway, in the section Kuzmin - Sremska Raca, most likely from the bridge across the Sava, begin in the second half of June, around Vidovdan. Then we start performing works on the highway Belgrade - Bijeljina - Banja Luka and Belgrade - Bijeljina - Sarajevo, "Vucic said after a meeting with BiH Presidency Chairman Milorad Dodik.

Vucic added that he also talked with Dodik about the investment promotion program.

He underlined that Serbia has already paid 500,000 euros in aid for start-ups, and that it should allocate even more.

"I hope that I will soon be able to go to Banja Luka to talk to small businessmen, with everyone who starts the business. Let's show and show how much Serbia wants to help, "Vucic underlined.

The Serbian President said that there is potential to equip Greenfield and Brownfield locations to attract foreign investors in the RS and that Serbia will help.

He also noted that Serbia is ready to stimulate animal welfare, fruit growing and vegetable production in RS, through subsidies, and that the Government of RS depends on how this will be done.

Vucic added that he talked with Dodik about all the important issues that are significant for Serbia and BiH.

The President reminded that a Council of Ministers in BiH is awaiting, and that Serbia wants this to happen as soon as possible, and that it wants the best relations with BiH.

 

Serbia is investing another 8.4 million euros for projects in Republika Srpska

President Aleksandar Vucic said that Serbia will invest 8 million 405 thousand euros in projects in municipalities in Republika Srpska and BiH.

"These funds will be available as we did in the previous period. When we pay it, it will be a total of about 32 million euros in grants, "Vucic said at a joint news conference after a meeting with Milorad Dodik.

He said that they also agreed with Prime Minister Anne Brnabic and that Serbia will want to help every municipality in the Republic of Srpska, as well as in the Federation, if they receive requests, and in municipalities that are not majority Serb.

These are the projects of reconstruction of health centers and schools, elderly homes, kindergartens, wet nurseries, youth camps, school reconstruction, day centers for children with developmental disorders, outpatient clinics, sports halls

Projects are foreseen for Dubica, Novi Grad, Gradiška, Prnjavor, Banja Luka, Kneževo, Šipovo, Teslić, Doboj, Brod, Šamac, Pelagić, Bijeljina, Zvornik, Bratunac, Vlasenica, Šekovići, Rogatica, east Sarajevo, Pale ...

The construction of business and production halls in underdeveloped municipalities of the Republic of Srpska is envisaged.

Vucic said that he talked with Dodik about other important issues and that they agreed that peace and stability are crucial for economic progress and development, Tanjug reports.

 

Dodik: Nobody approves violence

The behavior of Serbian President Aleksandar Vucic during the weekend protests and the message sent to him - a message from the defense of institutions and statehood - came to citizens' approval in the Republika Srpska, and violence is not approved by anyone, said Presidency Chairman Milorad Dodik today.

At a press conference with the president of Serbia after the meeting, Dodik asked the question how to look at events in BiH:

"Let it be seen in BiH. In the RS it looks like this - always from RS to Serbia it is seen with a great deal of love and the desire to get it all happier. What we have looked at is certainly not a good picture and it is aimed at destabilizing Serbia and destroying the negotiating, regional and international position of Serbia. "

According to the people in the RS, all political resolutions should take place in the public sphere.

"They were inconceivable to express their will, no one interfered, but no one supported the violence," Dodik said.

According to him, the behavior of the President of Serbia on that day sent a strong message of defense of institutions and statehood, and this left a strong impression on people in the RS and came for approval, Tanjug reports.

The most concrete aid to Srpska so far

BiH Presidency Chairman Milorad Dodik expressed gratitude and satisfaction with the desire, determination and intention of Serbia and President Aleksandar Vucic to continuously assist citizens and municipalities of the Republic of Srpska.

Dodik said at a joint conference with the president of Serbia that today's agreement on helping RS citizens, projects that will be financed by Serbia in 62 municipalities in Republika Srpska, are the most conclusive until now.

The realization of this agreement and project will mean that Serbia will be present in all municipalities throughout the Republic of Serbia, and it is a serious matter, Dodik said.

He said that he encouraged the fact that Serbia in this way is helping the Republic of Srpska and when we know that, as he said, there is much that Serbia needs to do.

Dodik said that he also talked with President Vucic about the issue of relations between BiH and Serbia, especially the issue of the border, which, as he said, remains unresolved due to the attitude of the Bosniak side that has some of its own, different approaches to the issue.

As far as he is concerned, he said, the variant that was originally proposed is acceptable to him.

"Serbia and the Serbian show cooperation that is aimed at stabilizing the entire space. Serbia is most important to us for the stability of the entire region, and open issues that exist are solved, "Dodik said, adding that what makes Serbia Serbia a good example for everyone, especially Serbs in BiH.

According to Dodik, President Vucic also informed about the establishment of state-level authorities in which the Serbian and Serbian sides showed readiness, but that there is obvious obstruction from the Bosniak side in order to retain the personnel who respond to them in ministerial positions.

So, he pointed out, it is not only a technical delay, but an organized obstruction, which will take some time, Dodik said, adding that the Serbian side does not intend to suffer, reports Tanjug.

Unofficial translation from Source:  http://www.politika.rs/scc/clanak/425324/Oko-Vidovdana-pocinje-gradnja-autoputa-Beograd-Bijeljina-Sarajevo

Serbia and EAEU harmonize free trade deal

A Serbian delegation headed by Minister of Trade Rasim Ljajic is in Moscow.

 TUESDAY, MARCH 12, 2019 

Ljajic is expected to finalize a deal on free trade between Serbia and the Eurasian Economic Union (EAEU), Vecernje Novosti daily writes.

If a deal is reached, Serbia will be able to export certain quotas of cheese, cigarettes and fruit brandies duty free. 

A deal has been thwarted by Belarus, which opposed a 1,000 ton quota for cheese. 

Ljajic on Tuesday meet with EAEU Minister of Trade Veronika Nikishina for a final round of talks on an FTA. 

He later said that in the deal harmonized today, Serbia "did not get everything it wanted, but will have more duty free goods than before." 

Ljajic specified that quotas of 2,000 tons of cigarettes, 87,000 liters of vinjak (liquor) and 500 tons of semi-hard and hard cow milk cheese had been approved - while other kinds of cheeses are already in the duty-free regime. 

EAEU members include Russia, Kyrgyzstan, Belarus, Armenia and Kazakhstan.

 

Source: https://www.b92.net/eng/news/business.php?yyyy=2019&mm=03&dd=12&nav_id=106396

Serbia-Russia trade reaches USD 3.6 billion annually

FRIDAY, MARCH 8, 2019

Serbian Foreing Minister and First Deputy PM Ivica Dacic said this Thursday, adding that the 2018 trade volume had been 3.6 billion dollars - 500 million more than in 2017, Tanjug is reporting.

"Our exports account for one billion of that sum," Dacic said after a meeting of an intergovernmental committee on trade, economic and scientific and technical cooperation, which he co-chaired with Russian Deputy Prime Minister Yuri Borisov. 

Dacic said Serbian agricultural exports to Russia had totalled around 350 million dollars last year and that the committee had discussed ways of improving bilateral trade relations, the coordination of a FTA with the Eurasian Economic Union, as well as Serbia's WTO accession talks. 

Expansion of gas transport infrastructure and providing gas to every part of the country is crucial to Serbia, "which means that TurkStream must run through Serbia," he said.

 

Serbian-Russian bilateral trade volume has been on a rise over the past several years and the goal is to reach the 2008 level of 4 billion dollars.

 

Source: https://www.b92.net/eng/news/business.php?yyyy=2019&mm=03&dd=08&nav_id=106369

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