The Comprehensive Economic Partnership Agreement (“CEPA”) between Serbia and the United Arab Emirates (UAE), which entered into force on June 1, 2025, marks a transformative moment for Serbia’s economic strategy and international standing. This partnership is not just a trade deal—it is a gateway to new markets, investments, and opportunities that can shape Serbia’s future for years to come. What the Agreement Means The CEPA is designed to eliminate or reduce customs duties on over 96% of tariff lines between the two countries, making Serbian products more competitive in the UAE and throughout the Gulf region. For Serbian exporters, this […]
Details
The Free Trade Agreement (FTA) between Serbia and China, signed in October 2023, came into effect on July 1. Covering over 20,000 products, the agreement grants Serbian firms preferential access to the expansive Chinese market. The deal will boost exports, stimulate investment and production capacities, and enhance overall economic activity and competitiveness in Serbia. The FTA involves reciprocal elimination of tariffs on 90% of tariff lines, with more than 60% taking immediate effect. Starting this month, exports of products such as fresh apples, blueberries, dried plums, jams, seeds, and beef from Serbia to the Chinese market can proceed without tariffs. […]
Details
Starting today, a significant development in regional cooperation has come to fruition. The unified labor market of the Open Balkan initiative officially commences. Citizens of Serbia, Albania, and North Macedonia can now benefit from greater labor mobility across these three nations. The move is part of the effort to herald a new era of economic opportunity and growth in the region. How Will the Unified Labor Market Work? This initiative, spearheaded by the three countries’ leaders, aims to simplify the employment process across borders. Starting today, if a citizen of Serbia wishes to work in Albania or North Macedonia, they […]
Details
Gecić Law is pleased to announce the second edition of “ESG Chat @ Gecić Law,” an insightful series of interviews exploring the dynamic and ever-evolving world of Environmental, Social, and Governance (ESG) practices. Decarbonization and Growth In this edition, we bring you a thought-provoking discussion with Mikhail Korostikov, Senior Analyst at the Climate Bonds Initiative and a leading expert in green economics based in Serbia. The interview delves into the intricate relationship between the issue of sustainability, decarbonization and economic growth. We take a look at these phenomena from the perspective of the Western Balkans. Central to the discussion is […]
Details
The European Union (EU) has introduced a growth plan to accelerate the accession of the Western Balkans. European Commission President Ursula von der Leyen unveiled a commitment of EUR 6 billion at the Western Balkans summit in Tirana. Out of this amount, two billion euros will be in grants and four billion euros in loans. However, specific details regarding the mechanisms of this growth plan are still pending clarification. The EU’s strategy is to bring the region closer economically before political integration. This would allow the Western Balkans to benefit from certain privileges. Benefits include the free movement of goods […]
Details
Bogdan Gecić, Founding Partner at Gecić Law, recently spoke to Euractiv Serbia and shared his insights on the critical changes in international trade likely to ensue as a result of the European Union’s groundbreaking Carbon Border Adjustment Mechanism (CBAM) regulation. The regulation entered its transitional phase on October 1, 2023. Moreover, Bogdan detailed the ramifications for businesses. The article is titled “CBAM: Why is It Important and What Do We Need to Know?” The article clearly explains the motivation and reasoning behind this unique regulation. With the CBAM, the EU pioneers the world’s first carbon border tax on imports into […]
Details
5G is the fifth-generation mobile network, which promises to lead to a revolution, particularly in transportation. This article focuses on connected and automated mobility (CAM), an offspring of 5G. CAM lets vehicles communicate with each other and with the surrounding infrastructure. Such communication can, in fact, enhance road safety, ease traffic jams, and cut CO2 emissions. With this in mind, countries worldwide are diligently working on developing 5G cross-border corridors. 5G cross-border corridors are networks that connect transportation routes. These routes, whether along roads, railways, or waterways, maintain 5G connectivity across international borders. This connectivity is vital for CAM’s full-scale […]
Details
Gecić Law experts will participate in multiple sectoral training sessions on the EU’s new Carbon Border Adjustment Mechanism (CBAM) in October and November. The Ministry of Environmental Protection and the Chamber of Commerce of Serbia initiated the training program within the Swiss Program on Capacities for Trade Policies (C4TP) framework. CBAM training sessions will hence take place in several cities in Serbia during the next two months. These sessions are particularly tailored to the economic sectors affected by the CBAM regulation. First CBAM Training Session on Fertilizers On Monday, the program started its first full-day workshop at the Chamber of […]
Details
Bogdan Gecić, the Founding Partner of Gecić Law, recently spoke with journalist Paddy Bolton. He was thereafter quoted in a Brussels Signal article regarding the significant changes coming up with the European Union’s pioneering Carbon Border Adjustment Mechanism (CBAM) regulation. The European Union (EU) has begun a transitional phase for implementing CBAM, effective October 1. This initiative, part of the European Green Deal, aims to reduce carbon emissions by taxing carbon-intensive imports. The article discusses the possible implications of CBAM. Boston Consulting Group predicts this could increase the average car price in the EU by approximately EUR 600. This is […]
Details
From this Sunday, October 1, the European Union (EU) will start implementing the Carbon Border Adjustment Mechanism (CBAM) in its transitional phase. This regulation reflects the EU’s commitment to mitigating carbon leakage as part of the Fit for 55 Agenda. It aims to harmonize carbon costs between local and imported products. CBAM should also galvanize global industries towards adopting greener technologies. Initially, this mechanism will include cement, aluminum, steel, electricity, hydrogen, and fertilizer imports. From now on, importers must submit quarterly reports on greenhouse gas (GHG) emissions in production. Data collection starts in the last quarter of 2023, with the […]
Details
In February, the Parliament of the Republic of North Macedonia ratified the Agreement on the Conditions for Free Access to the Labor Market in the Western Balkans and the Agreement on the Interconnection of Schemes for Electronic Identification of the citizens of the Western Balkans as part of the Open Balkans initiative. Both agreements were signed in Tirana on December 21, 2021, by the President of the Republic of Serbia, Aleksandar Vučić, the Prime Minister of the Republic of North Macedonia, Zoran Zaev, and the Prime Minister of the Republic of Albania, Edi Rama. The Agreement on the Conditions for Free Access to […]
Details
In her keynote speech at the 2023 World Economic Forum in Davos, Ursula von der Leyen, EU Commission President, outlined yesterday the main pillars of the EU’s Green Deal Industrial Plan to boost Europe’s leadership in green technology on its road to carbon neutrality. “We know we have a small window to invest in clean tech and innovation to gain leadership before the fossil fuel economy becomes obsolete,” said von der Leyen. As the plan’s regulatory pillar, she announced a new Net-zero Industry Act to support the “greatest industrial transformation of our times” and keep up with strongly incentivized programs […]
Details
The European Union is fast-tracking the road to a greener future as EU institutions reach provisional agreements on the Carbon Border Adjustment Mechanism (“CBAM”) and the EU Emissions Trading System (“ETS”). After round-the-clock negotiations between EU officials, the “Fit for 55” legislative package with the ultimate goal of reaching carbon neutrality by 2050 is now being finalized. What are the implications for non-EU countries? EU’s Climate Action Recognizing the threats of climate change, the European Union adopted a range of climate laws, which includes the ETS and the CBAM, as part of the revolutionary “Fit for 55” legislative package. In contrast to the […]
Details
The European Union (EU) and the Association of Southeast Asian Nations (ASEAN) signed yesterday in Bali the world’s first bloc-to-bloc Comprehensive Air Transport Agreement (CATA). Most EU member states so far have had bilateral agreements with some of the ASEAN countries, with different scopes and rules. However, very few had such arrangements with all the countries of ASEAN. The new agreement now includes all member states of each region and replaces all existing contracts with a unified framework, connecting more than one billion people. The agreement aims to revitalize air travel and transport between Southeast Asia and Europe, which has […]
Details
The Open Balkans initiative aims to encourage and facilitate cooperation among the Balkans countries. The initiative was conceived across the Balkans, where the different cities symbolize the various stages in the development of the Open Balkans initiative. In this article, we present the chronology of building ties between the countries by virtually visiting six key locations. (Note: If you decide to visit these towns, we advise you to create your itinerary on Google Maps, not by this article :D). The first location associated with the birth of the Open Balkans project (as we know it today) is Novi Sad, and […]
Details
These days, after many years, inflation is back as a central topic of discussion for governments, businesses and individuals. Media reports across the globe talk of central banks tightening monetary policies and hiking interest rates to protect their economies. As inflation rises, financial and other markets face another aspect of uncertainty and the end is still not on the horizon. What does all this mean and why is it important? Why? The issues that began with supply chain issues attributed to the Covid pandemic have now continued and taken a new form with the escalation of global tensions during this […]
Details
In this edition of our series dedicated to our esteemed colleagues who were recognized in this year’s The Legal 500 EMEA rankings, we bring you our founder and managing partner Bogdan Gecić. After being recognized by The Legal 500 as a Leading Individual in Competition for seven consecutive years, in this year’s rankings, Bogdan was especially honored by being amongst the distinguished few to be inducted into the elite global directory’s newly established EMEA Hall of Fame category, which highlights the law firm partners who are at the pinnacle of the profession having received constant praise by their clients for continued […]
Details
The first post-covid Global Meeting of the elite global legal alliance TerraLex was last week’s highlight as lawyers from 180 member law firms from across the globe gathered in Oslo. Delegates had the opportunity to learn, collaborate and network with their colleagues in a unique series of activities and a relaxed collegial atmosphere. The Gecić Law team took to the center stage, as for the first time the alliance built its annual meeting around a single theme, choosing one of the hottest topics in the legal world today – ESG: Environmental, Social, and Governance. The gathering took a multifaceted approach […]
Details
Building on our series of CBAM articles, we report shocking news from the EU Parliament. Members of the EU Parliament (“MEPs”) unexpectedly rejected a series of legislative proposals from the “Fit for 55” legislative package, including the EU Parliament’s negotiating position on the introduction of a Carbon Border Adjustment Mechanism (“CBAM”). Back in 2005, the EU established the EU Emissions Trading System (“ETS”) which has since become a cornerstone of the EU’s climate change policy and its most important tool for reducing greenhouse gas emissions. Since its inception, the ETS is constantly being reformed which was one of the goals […]
Details
With the idea of implementing the four freedoms of the European Union in the Western Balkans as soon as possible; movement of people, goods, services and capital, the Open Balkan initiative was launched in October 2019 by the leaders of Serbia, Albania, and North Macedonia. It is a major step in cooperation between the three countries, aiming to increase trade and improve bilateral relations. Another important milestone is expected this week at the Summit to take place in Ohrid, June 7-8. The legal framework and basis for concrete activities within the Open Balkan initiative were established by declarations and agreements […]
Details
The US Federal Reserve published a document titled Money and Payments: The U.S. Dollar in the Age of Digital Transformation (“Paper”) in January. The Paper points out the pros and cons of creating the digital dollar in the form of a CBDC (Central Bank Digital Currency), to determine whether it could improve the US payment system. As we explained in earlier texts on this subject, CBDCs are virtual records of existing fiat currencies. They represent the complete equivalents of currencies such as the euro, dollar, dinar, etc. The Paper points out that the digital dollar would be a liability of […]
Details
According to the January 2022 Development Agency of Serbia report, the agricultural sector recorded a significant inflow of foreign investments indicating that Serbia is fertile ground for investment in agriculture. The industry showed remarkable resilience during the crisis caused by the COVID-19 pandemic, when many countries faced food shortages. Meanwhile, during this period (January to November 2021), cereals, cereal-based products, fruits, and vegetables were among the most crucial Serbian export products. Serbia has a long-standing agricultural tradition and optimal conditions for the development of this sector. Its land is fertile, the climate is optimal, and there is excellent potential for […]
Details
The Global Gateway initiative was unveiled on December 1, 2021, as a strategy of the European Union (“EU”) to support sustainable infrastructure development around the world. The EU is planning to invest EUR 300 billion over five years. The European Commission pitched the Global Gateway as a template for how Europe aims to build more resilient connections across the globe. The Global Gateway is about increasing investment, promoting values and high standards, good governance and transparency, partnerships based on equality, green, clean, secure infrastructure, but also catalyzing and supporting private sector investment in new markets as part of the Global […]
Details
For several years in a row, Serbia is ranked among the leading destinations for foreign investors. According to the Greenfield FDI Performance Index, in 2019 Serbia was ranked first among 105 states observed by the index. A similar status was maintained throughout the subsequent years as Serbia ranked fifth in 2020, and sixth in 2021. According to the World Bank Doing Business rankings, Serbia is ranked among business-friendly jurisdictions, whose ease of doing business index grows regularly. The willingness to invest raises concerns regarding the legal and institutional framework of the host economy. Bilateral investment treaties (“BIT”) have been presented […]
Details
Multinational entities and governments are pushing for more action regarding Environmental, Social and Governance (ESG) issues. As a result, enterprises increasingly integrate the ever-changing social and environmental factors into their business strategies. The concept of business success has changed and so must the actions they take. But what exactly is ESG? ESG is a set of standards to guide corporate policies to ensure sustainable development in the fields of environment, social and corporate governance. How Did We Get to ESG? Only twenty years ago, if one would ask a group of individuals with a business background about the main objective […]
Details
China again demonstrated the potential of its impact on the global economy as its actions and signals sent ripples through world markets last week. China’s central bank reiterated last Friday that all cryptocurrency-related transactions are illegal and will be outlawed, delivering the clearest signal yet of the country’s determination to crack down on the industry to “preserve economic, financial and social order”. The move comes after Chinese authorities banned cryptocurrency mining earlier this year. Chinese authorities have said they will coordinate their efforts to ensure the end of cryptocurrency trading. The People’s Bank of China stated that cryptocurrencies may not […]
Details
Joe Biden’s first big clash with the largest businesses in the US came as a result of his proposal to increase corporate tax and raised quite a few eyebrows. Although Corporate America initially welcomed the massive government spending plan, it later expressed genuine concerns on the topic. International corporate taxation has long presented a challenge for tax authorities worldwide, causing them losses in billions of tax dollars. The US has been one of the largest backers of negotiations on a large-scale reform of international corporate taxation that have been going on for quite some time. However, an agreement is yet […]
Details
After a short break from our previous reflections on the EU’s new set of regulations concerning digital markets (more details available here), we are back with an even more vivid and thorough breakdown of the proposed regulation. To pick up where we left off, we will be taking a closer look at the Digital Services Act (“DSA“ or „Act“). As we have already familiarized ourselves with the EU’s goals and ambitions regarding new digital market regulation, we can now fully indulge ourselves by taking a closer look at the Act. We hope that you managed to catch your breath because […]
Details
If you think you have seen “everything” in 2020, well, think again! This is the year that sees water traded on the stock exchange for the first time ever. News from Wall Street that water is to be traded on the stock exchange spread quickly and overshadowed a raft of other, important financial stories. This December the world’s largest financial derivatives exchange, the CME Group, launched futures contracts tied to the spot price of water in California, a market of $ 1.1 billion. The very concept of trading water inevitably gives us all pause for thought about the reasons for […]
Details
After many years of speculations on its interest in cryptocurrencies, this year PayPal finally announced that it will enable its users to buy and sell cryptocurrencies, as well as to safe keep them in crypto wallets on their accounts. With the money from the sale of cryptocurrencies, users may freely buy goods and services. PayPal, the American company whose main business activity is the provision of payment services related to electronic money, has been long present in the payment services market. PayPal is not a bank, because it does not use the funds of the users for its own needs, […]
Details
As worldwide lockdowns slowly recede and many of us, including courts, claimants and respondents, step back out of quarantines, we will be “greeted” by a plethora of complex litigation issues. The large number and complexity of these issues will require all sides to put in place even more sophisticated strategies to tackle the ensuing litigation onslaught. According to Harold Kim, the president of the U.S. Chamber Institute for Legal Reform, “[t]his early litigation is really, from our vantage point, the tip of the iceberg”. Cue May 6, 2020: Serbia rescinded the almost two-month-long state of emergency and relaxed measures restricting […]
Details
The Economic and Financial Affairs Council (“the Council”) on 18 February 2020 adopted revised conclusions on the EU list of non-cooperative jurisdictions for tax purposes (“the EU list”). The EU list (Annex I) includes non-EU countries or territories which had not made sufficient commitments in response to the EU‘s concerns about taxation arrangements. The State of play section (Annex II) lists the jurisdictions which had responded with sufficient commitments. Therefore, the jurisdictions that do not yet comply with all international tax standards but have committed to reforms are included in Annex II. These countries need to take effective actions to […]
Details
(Update: 02.25.2022.) CJEU Reaches Final Decision in Landmark Anti-Dumping Case The Court of Justice of the European Union (CJEU) reached a final decision in a landmark anti-dumping case, with far-reaching implications for HBIS Serbia and the Serbian economy. The CJEU sided with the General Court’s ruling which confirmed the European Commission’s (EC) decision not to impose anti-dumping measures on steel producers from Serbia in 2017, simultaneously imposing these measures on products originating from Brazil, Iran, Russia and Ukraine, following months of investigation into alleged anti-competitive practices (link). Gecić Law was legal counsel to the Government of Serbia and the Smederevo […]
Details