Hurriyet Daily News - A free trade agreement between Serbia and Turkey came into effect on Wednesday, with officials from both countries predicting that the near-complete removal of customs and duties will effectively double bilateral trade to USD 1 billion within two years.

The free trade agreement immediately lifts remaining customs on nearly all industrial goods, while envisaging a gradual removal of customs and tariffs on selected agricultural products from both countries over the next five years.

“The agreement creates a win-win outcome for both countries”, said Nejla Kirkin, Commercial Counselor at the Turkish Embassy in Belgrade in an e-mailed statement. Kirkin predicted trade volume between the countries will reach USD 1 billion by the end of 2012. Before the 2009 decline, bilateral exchange peaked at USD 476.7 million in 2008. In the first seven months of this year it totaled USD 219.2 million.