Serbian Minister of Labour and Social Policy Rasim Ljajic and his Bulgarian counterpart Totyu Mladenov signed in Belgrade on Monday an agreement on social insurance in the areas of pension, disability and health insurance, unemployment and injuries at work.

Ljajic stated that the agreement makes it possible for the beneficiary to realise all their vested rights and reimbursements, as well as summation of years of service and insurance in the process of achieving the right to pension, in their place of residence.

The agreement also ensures adequate healthcare protection for citizens and workers in Serbia and Bulgaria, which is very important both for tourists and workers, Ljajic said following the agreement.

According to him, the agreement would give a new impulse to the development of total economic relations between the two countries and encourage investments on both sides.

Serbia has so far signed 26 such agreements, mostly with EU member countries, Ljajic said and announced that similar agreements will soon be signed with Austria, Canada and Slovakia.

Talks regarding closing of such agreements with Romania, Greece and Russia are underway, and signing of an agreement on social insurance with the U.S., New Zealand and Australia has also been initiated.

The Bulgarian minister stated that the agreement on social insurance is a big encouragement to businesspeople from both countries, and suggested to Ljajic that the Ministries of Serbia and Bulgaria should sign a memorandum on cooperation.

Mladenov noted that Bulgaria has already signed similar agreements with the EU, Russia, South Korea and that it should sign such a document with Canada in November and with the U.S. early next year.