Investment protection agreement signed with Canada

Investment protection agreement signed with Canada

BELGRADE -- Serbian Minister of Trade Rasim Ljajić 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 Vučić.

Ljajić 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.

Ljajić 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...