BELGRADE, Sept. 1 (B92) - Serbian Minister of Trade Rasim Ljajic and Canadian Foreign Minister John Baird an investment promotion and protection agreement between the two countries. The document was signed on Monday at the Serbian government headquarters in Belgrade, in the presence of Prime Minister Aleksandar Vucic. Ljajic noted that the agreement constitutes a continuation of excellent economic cooperation between Serbia and Canada, and a step forward in completing the legal framework for improving economic, trade relations between the two countries.
The agreement sends a clear message to Canadian investors that Serbia adheres to international legal standards when it comes to investors' rights and is a safe investment destination. The minister noted that 50 Canadian companies are doing business in Serbia, 13 of which are engaged in geological exploration. “Canadian companies secured 80 percent out of a total of 126 licenses for various kinds of exploration that Serbia has issued. They have so far invested 125 million dollars in explorations, and we expect that the sum will go up in the coming period”, he said. Ljajic mentioned that, two years ago, Serbia and Canada signed an agreement on strategic economic cooperation which covers all fields of interest, primarily the energy, mining sectors, manufacturing industry, fields of infrastructure, agriculture and food production.
The Serbian trade minister noted that, on January 1, a double taxation avoidance agreement between Serbia and Canada came into force, and signaled that a social security agreement will take effect on December 1, which is important for the Serbian diaspora in that country, and all future Canadian investors.
Baird said that the signed agreements are a strong message to the business community in Canada to come to Serbia in larger numbers, which will mean new firms, job creation, economic development and growth. He added that when it comes to the mining sector, pharmaceutical industry and agriculture, economic relations with Serbia are also good.
Canada Signs Investment Agreement with Serbia
Serbia is an important trading partner for Canada, with Canadian investment valued at more than $1 billion
September 1, 2014 - Belgrade, Serbia - Foreign Affairs, Trade and Development Canada
Foreign Affairs Minister John Baird, on behalf of the Honourable Ed Fast, Minister of International Trade, today announced that Canada and Serbia have signed a foreign investment promotion and protection agreement (FIPA). Baird made the announcement alongside Rasim Ljajić, Deputy Prime Minister and Minister of Trade, Tourism and Telecommunications, during a signing ceremony while visiting Serbia.
“This new agreement between our two countries will help ensure the business environment is more secure for Canadian companies looking for opportunities in Serbia,” said Baird. “It represents another step in the growing Canada-Serbia relationship and further proof that enhanced economic cooperation is a priority for both our countries.”
A FIPA is a treaty designed to protect Canadian investment abroad and promote foreign investment in Canada through reciprocal, legally binding provisions. By ensuring greater protection against discriminatory and arbitrary practices and by enhancing the predictability of a market’s policy framework, a FIPA gives businesses greater confidence in investing.
“As outlined in Canada’s Global Markets Action Plan, our government is committed to ensuring that Canadian investments are protected in global markets,” said Minister Fast. “That’s why we have concluded, signed or brought into force FIPAs with 22 countries since 2006—a record 10 in 2013 alone—and why we continue to negotiate many more.”
While in Serbia, Baird also met with President Tomislav Nikolić, Prime Minister Aleksandar Vučić, and Foreign Minister Ivica Dačić to express Canada’s support for Serbia’s democratic and economic transformation, as part of its European integration agenda. He further added that he looked forward to working with Serbia to advance a number of foreign policy issues, including strengthening security and prosperity in Europe.
Opening of CANSEE Canadian Business Council in Belgrade, Serbia:
The Honourable John Baird, Minister of Foreign Affairs of Canada, Željko Sertić, Minister of Economy of the Republic of Serbia, H.E. Roman Waschuk, Ambassador of Canada to Serbia, H.E. Mihailo Papazoglu, Ambassador of the Republic of Serbia to Canada.
