In a historic development signaling the deepening of bilateral relations, Serbian Prime Minister Đuro Macut has hailed the new free trade agreement between Serbia and Egypt as a “new page” in the partnership between the two nations. Speaking during the Egyptian-Serbian Business Forum held in Egypt’s New Administrative Capital, Macut underscored the strategic importance of the accord and expressed optimism about the future of trade and investment between the two countries.
The agreement, signed into law this week, aims to remove customs duties and quantitative restrictions on imports and exports between Serbia and Egypt over time. It also introduces frameworks for cooperation in services, investment, joint manufacturing, technology transfer, and dispute resolution. “This agreement represents our joint commitment to fully exploit our mutual economic potential and to foster prosperity through stronger commercial ties,” Macut told delegates. “It is a testament to the growing trust and cooperation between our nations.”
A Milestone Built on Historical Ties
Prime Minister Macut emphasized the historic foundation of Egyptian-Serbian relations, noting that the two countries—both founding members of the Non-Aligned Movement—are celebrating 117 years of diplomatic ties this year. He praised the strategic partnership inaugurated during Egyptian President Abdel Fattah Al-Sisi’s 2022 visit to Belgrade, and reaffirmed by Serbian President Aleksandar Vučić during his visit to Cairo in July 2024.
“This progress has only been possible thanks to the unwavering support of Presidents Sisi and Vučić,” said Macut. “Their leadership has paved the way for tangible outcomes like this free trade agreement.”
Currently, bilateral trade stands at approximately $122 million, but both sides see potential for substantial growth. Macut highlighted that around 40 Egyptian-owned businesses are operating in Serbia and that several joint manufacturing projects are already underway in the Egyptian market.
Serbia’s Economic Appeal
Macut also used the forum to position Serbia as an attractive destination for Egyptian investors, citing its stable economy, strategic location at the crossroads of Europe, skilled labor force, and growing software industry. He also pointed to the country’s leadership in the “Open Balkan” initiative, which aims to create a single market for goods in the Western Balkans.
“In Serbia, you will find a safe and forward-looking investment environment. We are building bridges—economic, political, and cultural,” he said.
Macut extended a formal invitation for Egyptian participation in Expo Belgrade 2027, encouraging investors to explore new opportunities and use the expo as a platform to advance mutual economic interests.
“We look forward to a new partnership and more cooperation,” he concluded.
Egypt’s Economic Vision and Role
Egyptian Prime Minister Mostafa Madbouly echoed Macut’s sentiments, announcing that Egypt’s House of Representatives had ratified the agreement. He emphasized that Egypt’s modern infrastructure and free trade access to over three billion consumers worldwide position it as a vital gateway for Serbian products.
“Trade between our countries has tripled from $94 million in 2022 to nearly $300 million in 2024. With this agreement, we expect even greater growth,” Madbouly said.
He further highlighted Egypt’s experience in constructing fourth-generation cities and developing infrastructure as areas where it can collaborate with Serbia, particularly as Belgrade prepares to host Expo 2027.
Madbouly urged private sector representatives from both nations to seize the current momentum and explore joint ventures in industry, agriculture, energy, and large-scale infrastructure.
“Egypt is ready to welcome Serbian investors and provide full support to ensure their success,” he affirmed.
Looking Ahead
The Serbian-Egyptian Free Trade Agreement is expected to become a cornerstone of regional economic cooperation and a model for transcontinental partnerships. With robust political backing and clear economic incentives, both nations are optimistic that this milestone will unlock new dimensions in trade, industrial collaboration, and geopolitical influence.
As global trade continues to shift toward multipolar partnerships, the deepening relationship between Serbia and Egypt serves as a compelling example of how countries with shared values and mutual interests can forge a future of joint prosperity.
