Serbian Deputy Prime Minister Mladjan Dinkic and EU Trade Commissioner Karel De Gucht signed a Bilateral Protocol on market liberalization in Brussels on Tuesday, as part of Serbia's accession into the World Trade Organization (WTO).

Today's signing of the Bilateral Protocol with the EU is an important step in the process of Serbia's WTO admission, but also an important step in the strengthening of our economic relations. Serbia has made significant progress towards WTO membership, and the EU will continue to strongly support the country's joining this organization, De Gucht said after the signing ceremony.

Dinkic said that the signing of the Bilateral Protocol represents “the most important step on the pathway leading to WTO membership, since 60 percent of Serbia's overall trade and services is realized with the EU member countries,” and added that over the next few months, Belgrade will continue its bilateral negotiations with other members of that organization.

“A lot of work still remains to be done, but I am convinced that the talks can be finalized in the next couple of months,” Dinkic said, noting that talks are already underway with the US, Brazil, Switzerland, Salvador and Ukraine.

“The negotiations with Ukraine are the most difficult, they are not running smoothly, and our (Serbian) prime minister will go there in spring. As for other big countries, I do not think there will be any problems in reaching agreement," he said.

Dinkic expressed his belief that the signing of the Protocol with the EU “will encourage other countries to do that as well,” and underlined that Serbia's joining the WTO will be "important and essential for the boosting of trade” and that it will also “speed up the process of Serbia's EU accession.”

Besides De Gucht, Dinkic also met today with European Regional Policy Commissioner Johannes Hahn, who backed Serbia in the implementation of the Danube Strategy.

The negotiations for the liberalization were not conducted directly, because Serbia had already signed a Stabilization and Association Agreement and an Interim Trade Agreement with the EU.

The protocol is based on those agreements, since they already regulate all relevant trade issues, the release states.

The protocol is important in order to complete the negotiations with other WTO members, which signals the final stages of the accession process.

The document is expected to encourage other WTO members with whom Serbia is still negotiating.

Once multilateral talks on the harmonization of Serbia's foreign trade system with WTO regulations are completed and all bilateral protocols signed, the accession talks are over.

Serbia has already signed similar documents with Japan, Norway, Honduras and South Korea, while the protocol with Canada should be signed by the end of the month, the statement reads.

Serbia began the WTO accession process in 2005, which requires a full harmonization of the country's entire economic system with WTO's regulations.

WTO membership brings various benefits to its member states, from predictability and stabilization of customs duty rates, to making a country more attractive for foreign investors.

WTO controls 80 percent of the world trade, 90 percent of financial transactions, 92 percent of telecommunication and information technologies and 97 percent of intellectual property rights.