. /.   WORLD TRADE  
ORGANIZATION  WT/MIN(09)/ST/129 
2 December 2009 
 (09-6675) 
MINISTERIAL CONFERENCE 
Seventh Session Geneva, 30 November - 2 December 2009 Original:   English 
 
  
SERBIA 
 
Statement by Mrs. Vesna Arsic
 
State Secretary in the Ministry of Economy and Regional Development  
(Speaking as an Observer ) 
   On behalf of the Serbian Government, I would like to sincerely thank the Swiss Government, 
you and the WTO Secretariat for the excellent or ganization of this very important event. 
  Before the world economic crisis, SEE countries, and Serbia as well, recorded very high real 
GDP growth rates that exceeded 5% annually, tr ying to catch up developed economies. But, the 
growth was driven by domestic demand gene rated from credit boom, FDIs, remittances and 
privatization proceeds. Majority of FDIs were  in the services sector (banking, insurance, 
telecommunication, transportation and real est ates), less in the sector of tradable goods. 
  The current global financial and economic crisis  has not bypassed Serbia and, unfortunately, 
we are all faced with similar problems. GDP growth rate  is -3%, but Serbia is on road to recovery and 
GDP growth rate of +1.5% in 2010 is expected. 
 
 Although Serbian economy shows some kind of re silience to the severe negative impact of 
the world economic crisis, especially in the financial sector, it is very important to return on the trend 
of at least 5% of GDP growth rate annually, if we want to achieve sustainable economy.   Taking into account that an increase in trad e generates benefit from factor reallocation, 
contributes macroeconomic stability, improves produc tivity and competitiveness, Serbia believes that 
further trade liberalization, generally and regionall y, might be one of the crucial responses to the 
crisis.    In that context, Serbia has started, from the end of January 2009, to unilaterally implement the 
Interim Agreement with the EU, stressing the orie ntation to the EU accession that was proved by the 
recently announced EU Progress Report.  It is rema rkable that Serbia in 2009 concluded new FTAs 
with Belarus and Turkey and nego tiated FTA with the EFTA parties, as well as extended significantly 
FTA with the Russian Federation and regional FTA within CEFTA. 
 
 We are confident that trade protectionism is not an answer to the current global economic 
situation and our practice has proven our words, at  the same time evidently helping our economy to 
overcome negative impacts of the crisis.   Let me emphasize that the Serbian economic priority of becoming a WTO member is compatible with our efforts to combat the crisis , since we believe that greater trade openness and 
becoming a part of the multilateral trading system  would boost economic activities in the country and 
also improve so much needed competitiveness. WT/MIN(09)/ST/129 
Page 2  
 
   The role of WTO in the period of the global econo mic crisis is even bigger than in the period 
of economic prosperity.  Open and fair trade is a prerequisite for accelerating growth and successful 
conclusion of the Doha Development Round seems to be even more important for ensuring 
sustainable growth.  A powerful global political will has to be invested in this project.  
 At this very important juncture for the global trade, on WTO members lays the responsibility 
for restoring the credibility in the multilateral tr ading system and including new members into the 
club would only help achieving a goal of getting really  the  universal character of this organization.  
Serbia is ready to take full commitments and responsibilities under fair and equitable rules for every 
country. 
 
__________