India’s relations with Serbia have traditionally been close and friendly since the days of the Socialist Federal Republic of Yugoslavia (SFRY). Nehru and Tito were founders of the Non-aligned Movement. Diplomatic relations between the SFRY and India were established on 8 December 1948. India recognized and established diplomatic relations with each of the countries that emanated from the dissolution of the former SFRY, including Serbia.

ECONOMIC AND COMMERCIAL RELATIONS BETWEEN INDIA AND SERBIA

Trade and other Agreements: A number of Agreements between the two countries provide the institutional and legal framework for economic cooperation. While the following Agreements have been signed, many others are at various stages of processing:

1. Bilateral Investment Protection and Promotion Agreement (BIPPA) signed in January 2003.
2. Air Services Agreement signed in January 2003.
3. Agreement on Scientific and Technical Cooperation signed in October 2004.
4. Memorandum of Understanding on Cooperation in Tourism signed in November 2004.
5. Trade and Economic Cooperation Agreement signed in February 2006.
6. Avoidance of Double Taxation Agreement signed in February 2006.

Apart from these government to government agreements, the following agreements/MoUs between the commercial organizations of the two countries have also been signed:

* Agreement between Federation of Indian Chambers of Commerce and Industry (FICCI) and the Serbian Chamber of Commerce and Industry in October 2003, during  the visit of Foreign Minister Goran Svilanovic setting up a Joint Business Council to promote direct contact between the delegations of the two countries.
* An MOU between the Associated Chambers of Commerce and Industry of India (ASSOCHAM) and the Serbian Chamber of Commerce in February 2006, during the visit of a business and economic delegation led by H.E. Dr. Predrag Ivanovic, Minister for International Economic Relations.
* An agreement between the Punjab, Haryana and Delhi Chambers of Commerce (PHDCC) and the Chamber of Commerce of Subotica in February 2006 for cooperation between the two regional Chambers of Commerce.

India’s Trade with Serbia

India exports coffee, tea, spices, minerals, chemicals, medicines, pharmaceuticals, yarn, fabrics, Mahindra & Mahindra cars and tractors, Maruti cars, TVS scooters, readymade garments and footwear to Serbia. Its imports from Serbia include products of iron and steel , industrial machinery, textiles ,clothes and footwaar, auto-components. Import- Export figures for the last six years are as under:

India’s Top 5 Exports to Serbia [January – December  ’09]

India’s Top 5 Imports from Serbia [January – December  ’09]