Serbia has received a proposal from the U.S. outlining the potential framework of a trade agreement between the two countries, finance minister Sinisa Mali said.
In a press release on Thursday, Mali stated that Serbia is ready to continue negotiations with the U.S. on the trade deal, adding that the agreement should soon be finalised, without providing further details.
Mali recalled that Serbia last year signed free trade agreements with China, Egypt, the UAE, and that it is currently negotiating one with South Korea.
“That is our huge advantage. Investors are coming to Serbia, they are employing our people, salaries are going up, factories are opening, products are being exported, and foreign exchange inflows are going to Serbia. These are all advantages of opening the market,” Mali said.
Looking to tackle the U.S. trade deficit that amounted to $1.2 trillion (1 trillion euro) in 2024, U.S. President Donald Trump in April unveiled a 10% baseline tariff on all exporters to the country, with higher duties on some 60 nations that had been identified as having high barriers on imports from the U.S., including a 37% tariff on imports from Serbia. Trump later reduced the tariff on Serbia to 35%, saying it would come into effect on August 1.
There is no official data on how the tariffs are affecting Serbia’s economy or about their expected impact.
In 2024, Serbia exports to the U.S. amounted to 619.5 million euro ($725 million), while imports totalled 683.7 million euro, according to data from Serbia’s statistics office.
Data from the U.S. Census Bureau, however, showed that the U.S. in 2024 exported $209.8 million worth of goods to Serbia, while importing $814.2 million.
In 2024, products that Serbia exported the most to the U.S. included tyres (123.7 million euro), uncategorised goods – including military equipment (109.6 million euro), motor parts (37.2 million euro), pet food (27.4 million euro), and ammunition (25 million euro), according to data from Serbia’s chamber of commerce.
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