A new Partnership, Trade and Cooperation Agreement is intended to ensure that £682 million in trade can continue and grow between the two countries.
According to Foreign, Commonwealth and Development Office (FCDO) Minister for the European Neighbourhood, Wendy Morton, the Agreement secures continued preferential trade access between the UK and Serbia with significant savings for business to support jobs and the wider economy.
The preferential trading terms secured will enable British businesses to trade as they did before 1 January 2021, she confirmed.
British businesses such as Unilever, AstraZeneca, JCB and Jaguar Land Rover are flourishing in Serbia, Ms Morton highlighted, 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.
“This demonstrates the UK’s commitment to civil society across Serbia with the promotion of governance and rule of law reforms, while tackling the threat posed by climate change by building a greener and more resilient future together,” the Minister said.
This latest news means that the UK has agreed deals with 67 countries, plus the EU, that accounted for £891 billion of UK bilateral trade in 2019.
The Department for International Trade (DIT) has pointed out that UK Export Finance (UKEF) 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”.