The Law on Ratification of the Protocol on Amending the Free trade Agreement between the EFTA States and the Republic of Serbia

Iceland, the Principality of Liechtenstein, the Kingdom of Norway, the Swiss Confederation (“the EFTA States”), and the Republic of Serbia have signed the Free trade Agreement between the EFTA States and the Republic of Serbia in Geneva on December 17, 2009.

On October 05, 2015, the National Assembly of the Republic of Serbia adopted the Law on Ratification of the Protocol on Amending the Free trade Agreement between the EFTA States and the Republic of Serbia.

This law confirms the Protocol on Amendments to the Free Trade Agreement between the EFTA States and the Republic of Serbia signed in Belgrade on May 20, 2015. The aforementioned changes added a new chapter – “Chapter 6; Trade and Sustainable Development” which defines  provisions relating to the respect of obligations under relevant conventions on the protection of the environment and about the standards related to labour, in order to avoid creating competitive advantage in attracting foreign investors.

Those areas are the subject of the OECD Guidelines (OECD Declaration and Decisions on International Investment and Multinational Enterprises), and are related to the company’s operations throughout investments. The Republic of Serbia has, in principle, accepted this OECD Guidelines.

Among other things, the Parties shall strive to facilitate and promote foreign investment, trade in and dissemination of goods and services that contribute to sustainable development, including goods and services that are the subject of schemes such as fair and ethical trade.

Subscribe to newsletter

Ex sea causae dolores, nam et doming dicunt feugait scripta.