1. The EFTA States and Serbia shall establish by this Agreement and the supplementary agreements on trade in agricultural products, concluded simultaneously between each EFTA State and Serbia, a free trade area with a view to stimulating the Prosperity and sustainable development in their territories. ¹

2. The objectives of this Agreement, which is based on trade relations between market economies and on respect for democratic principles and human rights, are as follows:

(a)

To achieve the liberalisation of trade in goods, in accordance with Art. XXIV of the General Agreement on Tariffs and Trade ² (hereinafter "GATT 1994");

(b)

Increase mutual investment opportunities between the Parties and progressively develop an environment conducive to the strengthening of trade in services;

(c)

To provide fair competitive conditions for trade between the Parties and to ensure adequate and effective protection of intellectual property rights;

(d)

Achieve progressively, on a mutual basis, the liberalisation of the public procurement markets of the Parties; and

(e) ³

To develop international trade so as to contribute to the achievement of the objective of sustainable development and to ensure that this objective is reflected and integrated in trade relations between the Parties; and

(f) ⁴

Contribute to the harmonious development and development of world trade.

This Agreement shall apply to trade relations between, on the one hand, each of the EFTA States and, on the other hand, Serbia, but does not apply to trade relations between the different EFTA States, unless otherwise provided for in the Agreement.

Without prejudice to the provisions of Protocol B, this Agreement shall apply to:

(a)

Land, inland waters, territorial waters of each Party and its territorial airspace, in accordance with international law; and

(b)

Beyond territorial waters, in respect of measures taken by a Party in the exercise of its sovereign rights or jurisdiction, in accordance with international law.

(2) This Agreement shall not apply to the Norwegian territory of Svalbard, with the exception of trade in goods.

Each Party shall ensure in its territory that all obligations and commitments under this Agreement are fulfilled by its Governments and central, regional and local authorities, as well as by its non-governmental organizations In the exercise of governmental powers delegated to them by central, regional and local governments or authorities.

The Parties shall publish or otherwise make public their laws, regulations, judicial decisions, administrative rules of general application and their respective international agreements which may affect the operation of this Agreement.

2. The Parties shall respond promptly to specific questions and shall, upon request, provide each other with information concerning the cases referred to in para. 1. They are not required to disclose confidential information.

This Chapter applies to the following products originating in an EFTA State or Serbia:

(a)

All products covered by chap. 25 to 97 of the Harmonized Commodity Description and Coding System (HS) ¹ , excluding the products listed in Annex I;

(b)

Processed agricultural products contained in Protocol A, taking due account of the arrangements provided for in this Protocol; and

(c)

Fish and other seafood products in accordance with the provisions of Schedule II.

2. Each EFTA State and Serbia bilaterally concluded agreements on trade in agricultural products. These agreements form part of the instruments establishing a free trade area between the EFTA states and Serbia.

The provisions on rules of origin and methods of administrative cooperation are set out in Protocol B.

On the entry into force of this Agreement, the Parties shall abolish all customs duties and taxes having equivalent effect to the customs duties on imports and exports of products originating in an EFTA State or of Serbia covered In art. 6, para. 1, let. A, unless otherwise provided in Annex III. No new customs duties are introduced.

2. Customs duties and duties equivalent to customs duties shall include any duty or tax, whatever its nature, including any form of surtax or surcharge imposed in connection with the import or export of a product, to The exception, however, for any tax imposed in accordance with ss. III and VIII of GATT 1994 ¹ .

1. The basic duty to which the successive reductions provided for in this Agreement for imports between the Parties apply is the most-favoured-nation rate of duty (MFN rate) applied by each Party to 1 ^Er February 2009.

2. If any tariff reduction is applied Erga omnes Before, after or upon the entry into force of this Agreement, the reduced rights shall replace the basic rights listed in para. 1 from the date of application of those reductions or upon the entry into force of this Agreement, if it intervenes at a later date.

3. Reduced fees are applied rounded to the first decimal place or, for certain specific duties, rounded to the second decimal place.

The rights and obligations of the Parties with respect to quantitative restrictions, other than the provisions of Art. XII of GATT 1994 ¹ , are governed by s. XI of the GATT 1994, which is incorporated into this Agreement and is an integral part thereof.

(1) The Parties undertake to apply any internal tax or other measure or regulation in accordance with Art. GATT 1994 ¹ And with other relevant WTO agreements.

2. Exporters may not, in respect of products exported to the territory of a Party, benefit from a remission of internal taxation in excess of the amount of taxation that has indirectly affected those goods.

1. The rights and obligations of the Parties with regard to sanitary and phytosanitary measures are governed by the WTO Agreement on the Application of Sanitary and Phytosanitary Measures ¹ .

2. The Parties shall exchange names and addresses of points of contact with expertise in sanitary and phytosanitary matters, in order to facilitate communication and exchange of information.

1. The rights and obligations of the Parties with respect to technical regulations, standards and conformity assessment are governed by the provisions of the WTO Agreement on Technical Barriers to Trade ¹ .

2. The Parties shall strengthen their cooperation in technical regulations, standards and conformity assessment in order to increase mutual understanding of their respective systems and to facilitate access to their respective markets.

In accordance with the provisions of Annex IV to facilitate trade between the EFTA States and Serbia, the Parties shall:

(a)

Simplify, to the extent possible, procedures for trade in goods and services related to them;

(b)

Encourage cooperation with a view to enhancing their participation in the development and implementation of international conventions and recommendations on trade facilitation; and

(c)

Cooperate on trade facilitation through the Joint Committee.

1. A subcommittee of the Joint Committee on Rules of Origin, Customs Procedures and Trade Facilitation (hereinafter referred to as "subcommittee") Is established in reference to art. 7 and 14.

2. Annex V specifies the mandate of the sub-committee.

The rights and obligations of the Parties in respect of State commercial enterprises shall be governed by Art. GATT 1994 ¹ And the Understanding on the Interpretation of Art. GATT 1994 ² , which are incorporated in this Agreement and form an integral part thereof.

1. The rights and obligations of the Parties concerning subsidies and countervailing measures shall be governed by Art. GATT 1994, VI and XVI ¹ And the WTO Agreement on Subsidies and Countervailing Measures ² Subject to the provisions set out in para. 2.

2. Before an EFTA State or Serbia, as the case may be, begins an investigation to determine the existence, degree and impact of any alleged subsidy in an EFTA State or in Serbia, in accordance with Art. 11 of the WTO Agreement on Subsidies and Countervailing Measures, the Party considering such an investigation shall notify it in writing to the Party whose goods are subject to the investigation and shall have a period of 45 days to find a Mutually acceptable solution. Consultations shall take place within the Joint Committee if requested by one of the Parties within 20 days of receipt of the notification.

1. No Party shall apply anti-dumping measures, as provided for in Art. GATT 1994 ¹ And in the Agreement on the Implementation of Art. VI of the GATT 1994 ² , in relation to products originating in another Party.

2. The Parties recognize that the effective implementation of the competition rules may address the economic causes leading to dumping.

1. Incompatible with the proper functioning of this Agreement, to the extent that they are likely to affect trade between an EFTA State and Serbia:

(a)

All agreements between undertakings, all business association decisions and all concerted practices between undertakings which have as their object or effect the prevention, restriction or distortion of competition; and

(b)

Abuse by one or more undertakings of a dominant position on the whole or a substantial part of the territory of a Party.

2. The provisions of para. 1 shall also apply to the activities of public undertakings and to undertakings to which the Parties grant special or exclusive rights within the limits where the application of these provisions does not prevent The performance, in law or in fact, of the public tasks assigned to them.

3. The provisions of paras. 1 and 2 cannot be interpreted in such a way as to create any direct obligations for undertakings.

4. If one of the Parties considers that a particular practice is incompatible with the provisions of paras. 1 and 2, the Parties concerned are required to provide the Joint Committee with the assistance required to examine the case and, where appropriate, to eliminate the practice in question. If the Party concerned does not end the impugned practice within the time limits fixed by the Joint Committee, or if the Joint Committee fails to reach an agreement after consultations or at the end of a period of 30 days after the filing of the request for Consultations, the other Party may adopt appropriate measures to remedy the difficulties arising from the practice in question.

1. The rights and obligations of the Parties with regard to comprehensive safeguard measures shall be governed by Art. XIX of GATT 1994 ¹ And the WTO Agreement on Safeguards ² .

2. When taking comprehensive safeguard measures, a Party shall exclude imports of a product originating in one or more Parties if such imports, in themselves and on their own, do not cause or threaten to cause Serious injury. The Party taking the measure demonstrates that such an exclusion is in conformity with WTO rules and practices.

1. If the reduction or elimination of the customs duties provided for in this Agreement causes such an important increase in imports of any product originating in a Party in the territory of another Party, in absolute volumes or In respect of domestic production, under such conditions as to constitute a substantial cause or threat of serious injury to the domestic industry which produces the same goods or directly competing products on The territory of the importing Party may take safeguard measures To the minimum proportions required to remedy the injury or to prevent it, while respecting the conditions set out in paras. 2 to 10.

2. Bilateral safeguard measures are taken only if the evidence is clearly provided on the basis of a survey conducted in accordance with the procedures of the WTO Agreement on Safeguards ¹ That the increase in imports has caused or is threatening to cause serious injury.

3. The Party which intends to take a bilateral safeguard action under this Article shall immediately notify the other Parties and the Joint Committee thereof, in all cases before taking the action. The notification shall contain all relevant information, including proof of serious injury or threat of such damage due to the increase in imports, a precise description of the product concerned, the proposed measure and The proposed date of its introduction, the probable duration of the measure and the timetable for its gradual withdrawal.

4. If the conditions set out in para. 1 are fulfilled, the importing Party may take measures consisting of:

(a)

Suspend the further reduction of a rate of duty provided for in this Agreement for the product in question; or

(b)

Raise the customs duty rate of the product concerned at a level not exceeding the lowest value between:

(i)

The MFN rate applied at the time the measure is imposed, or

(ii)

The MFN rate applied on the day immediately preceding that of the entry into force of this Agreement.

5. Bilateral safeguard measures shall be taken for a period not exceeding two years. In very exceptional circumstances, after the Joint Committee has considered the case, measures may be taken for a total period of up to three years. No measure may be applied to the importation of a product that has previously been the subject of such a measure.

6. Within 30 days from the date of notification referred to in para. 3, the Joint Committee reviews the information provided, in order to facilitate a mutually acceptable resolution of the case. In the absence of such a resolution, the importing Party may adopt a measure under para. 4 to correct the problem. When choosing the bilateral safeguard measure, priority shall be given to the measure which is least disruptive to the operation of this Agreement. The bilateral safeguard measure shall be notified immediately to the other Parties and to the Joint Committee. It is the subject of periodic consultations of the Joint Committee, in particular in order to establish a timetable for their removal as soon as circumstances permit.

7. At the expiration of the measure, the rate of duty is the rate that would have been applied in the absence of the measure.

8. If the circumstances are critical and a delay would result in difficult damage to repair, a Party may take a provisional bilateral safeguard action, following clear preliminary evidence demonstrating that the increase in Imports is a substantial cause of serious injury or threat of such injury to its domestic industry. The Party intending to take such action shall immediately notify the other Parties and the Joint Committee thereof. The procedures provided for in paras. 2 to 6 shall be instituted within 30 days from the date of such notification.

9. Any interim measure shall expire at the latest after a period of 200 days. The period of application of any such interim measure shall be taken into account in the duration of the action referred to in para. 5 and in its extension. Any tariff increase shall be promptly refunded if the investigation described in para. 2 does not disclose that the conditions set out in para. 1 are completed.

10. Five years after the date of entry into force of this Agreement, the Parties shall review within the Joint Committee whether it is necessary to maintain the possibility of bilateral safeguard measures between them. If the Parties decide to maintain such a possibility after the first re-evaluation, they will then revisit the issue at a biennial pace within the Joint Committee.

The rights and obligations of the Parties with respect to general exceptions are governed by s. GATT XX, 1994 ¹ , which is incorporated into and is an integral part of this Agreement.

The rights and obligations of the Parties with respect to security exceptions are governed by s. GATT XXI, 1994 ¹ , which is incorporated into and is an integral part of this Agreement.

(1) The Parties shall grant and ensure adequate, effective and non-discriminatory protection of intellectual property rights. They shall take measures to ensure that these rights are respected in the event of infringements, counterfeiting and piracy, in accordance with the provisions of this Article, Annex VI and the international agreements referred to therein.

(2) The Parties shall accord to nationals of other Parties treatment no less favourable than that accorded to their own nationals. Exceptions to this obligation must be in accordance with the substantive provisions of s. 3 and 5 of the WTO Agreement on Trade-Related Aspects of Intellectual Property Rights ¹ (hereinafter "the TRIPS Agreement").

3. The Parties shall accord to nationals of other Parties treatment no less favourable than that granted to nationals of any third State. Exceptions to this obligation must comply with the substantive provisions of the TRIPS Agreement, in particular its art. 4 and 5.

4. The Parties agree, at the request of a Party to the Joint Committee, to reconsider the provisions on the protection of intellectual property rights contained in this Article and in Annex VI, with a view to further improving the level of Protection that they provide and avoid trade distortions caused by or remedy the current levels of protection of intellectual property rights.

The Parties shall endeavour to provide stable, fair and transparent investment conditions in their territories to investors of other Parties who are engaged in or seeking to make investments in their territories.

2. The Parties shall admit the investments of investors of other Parties in accordance with their laws and regulations. They agree that it is inappropriate to encourage investment by lowering health, safety or environmental standards.

3. The Parties recognize the importance of promoting investment flows and technologies as a means of achieving economic growth and development. Cooperation in this area may include:

(a)

Appropriate means to identify investment opportunities and information channels for investment rules;

(b)

The exchange of information on investment promotion measures abroad; and

(c)

Promoting a legal environment conducive to increasing investment flows.

4. The Parties undertake to review the investment issues within the Joint Committee no later than five years after the entry into force of this Agreement, including the right of establishment of investors of a Party in the Territory Of another Party.

5. Iceland, the Principality of Liechtenstein and the Swiss Confederation, of the one part, and Serbia, on the other, refrain from any arbitrary or discriminatory measures in respect of the investments of investors of another Party mentioned in the Present paragraph and comply with the obligations they have undertaken with respect to specific investments of an investor of another Party referred to in this paragraph.

1. The Parties undertake to achieve gradual liberalisation and the opening up of their markets in trade in services, in accordance with the provisions of the General Agreement on Trade in Services ¹ (hereinafter referred to as "the GATS"), taking into account the work under way under the auspices of the WTO.

2. Where, after the entry into force of this Agreement, a Party grants additional access to its services contracts to a non-Party, it shall provide adequate negotiating opportunities with a view to extending these benefits to the Another Party on a reciprocal basis.

3. The Parties undertake to maintain paras. 1 and 2 to the examination with a view to establishing an agreement to liberalise trade in services between them, in accordance with Art. V of the GATS.

1. The Parties shall strengthen their mutual understanding of their public procurement laws and regulations with a view to progressively liberalising their respective public procurement markets on a non-discrimination and reciprocal basis.

2. In order to improve transparency, the Parties shall publish their laws or otherwise make public their laws, regulations and administrative rules of general application, as well as their respective international agreements which may affect their Public procurement. The Parties shall respond promptly to specific questions and shall, upon request, transmit the relevant information to each other.

(3) Where, after the entry into force of this Agreement, a Party grants additional access to its public procurement contracts to a non-Party, it agrees to enter into negotiations with a view to extending these benefits to another Party on the A reciprocal basis.

Subject to the provisions of Art. 30, the Parties undertake to authorize, in a freely convertible currency, any payment for current transactions.

(1) The Parties shall ensure that capital for investments in enterprises established in accordance with their respective laws, income arising therefrom and the amounts resulting from the liquidation of investments are Freely transferable.

2. The Parties shall consult with a view to facilitating the movement of capital between the EFTA States and Serbia and to achieve full liberalisation as soon as the conditions are met.

If an EFTA State or Serbia finds itself in serious balance-of-payments difficulties or is threatened, the EFTA State concerned or Serbia may, in accordance with the conditions laid down by the GATT and the Art. VIII and XIV of the Statute of the International Monetary Fund ¹ , adopt restrictive measures on current transactions, provided they are strictly necessary. The EFTA State concerned or Serbia, as the case may be, shall immediately inform the other Parties and shall promptly provide them with a timetable for the lifting of those measures.

It is understood that the obligations set out in this Chapter are without prejudice to the fair, non-discriminatory and good faith application of measures arising from judicial decisions, judgments and administrative procedures. It is also understood that the right of an investor to freely transfer amounts relating to his investment is without prejudice to any tax liability that may be borne by him.

1. The Parties recall the 1972 Stockholm Declaration on the Human Environment, the 1992 Rio Declaration on Environment and Development, Agenda 21 for Development and the Environment, the Implementation Plan In Johannesburg in 2002 for sustainable development, the final document of Rio + 20 of 2012 entitled "The future we want", the 1998 ILO Declaration on Fundamental Principles and Rights at Work and its Monitoring, the Declaration United Nations Economic and Social Council 2006 on full employment, creation Of productive employment and decent work for all, and the 2008 ILO Declaration on Social Justice for Fair Globalization.

2. The Parties recognize that economic development, social development and the protection of the environment are interdependent and mutually reinforcing elements of sustainable development. They highlight the benefits of cooperation on trade-related labour and environment issues as part of a comprehensive approach to trade and sustainable development.

3. The Parties reaffirm their commitment to promote the development of international trade so as to contribute to the achievement of the objective of sustainable development and to ensure that this objective is reflected and integrated in their relations Business.

Except as otherwise provided in this Chapter, the latter shall apply to measures adopted or maintained by Parties relating to trade and investment aspects of labour matters ¹ Environment.

Recognizing the right of the Parties, subject to the provisions of this Agreement, to determine their own level of protection of the environment and working standards and to adopt or modify their laws and policies accordingly Relevant, each Party shall seek to ensure that its laws, policies and practices promote and promote levels of environmental protection and high standards of work and in accordance with the standards, principles and agreements referred to in s. 36 and 37, and strives to improve the level of protection guaranteed by these laws and policies.

2. The Parties shall recognize the importance, when developing and implementing measures concerning the environment and working conditions affecting trade and investment between them, of taking into account Scientific, technical and other relevant information, as well as international standards, guidelines and recommendations.

(1) The Parties shall not fail to effectively apply their laws, regulations or standards relating to the environment and work in such a way that such failure would affect trade or investment between Parties.

2. Subject to s. 34, a Party:

(a)

Does not reduce or reduce the level of environmental protection or work standards prescribed by its laws, regulations or standards for the sole purpose of encouraging investment from another Party or seeking to obtain or strengthen A competitive advantage for producers or service providers operating within its territory; or

(b)

Neither waives nor offers to waive or otherwise derogate from such laws, regulations or standards for the sole purpose of encouraging investment from another Party or seeking to obtain or strengthen A competitive advantage for producers or service providers operating within its territory.

1. The Parties shall recall their obligations arising out of their membership of the ILO and the ILO Declaration on Fundamental Principles and Rights at Work and its Monitoring, adopted by the International Labour Conference at its 86 ^E In 1998, to respect, promote and implement the principles of fundamental rights, namely:

(a)

Freedom of association and the effective recognition of the right to collective bargaining;

(b)

The elimination of all forms of forced or compulsory labour;

(c)

The effective abolition of child labour, and

(d)

The elimination of discrimination in employment and occupation.

2. The Parties reaffirm their commitment, in accordance with the 2006 United Nations Economic and Social Council Ministerial Declaration on full employment, productive employment and decent work for all, to recognize that full employment Productive and decent work for all is a central element of sustainable development for all countries and that it is a priority objective of international cooperation, and to encourage the development of international trade so that they Promote full and productive employment for all.

3. The Parties shall recall their obligations arising out of their membership of the ILO to effectively implement the ILO Conventions which they have ratified, and to continue and maintain their efforts to ratify them. ILO core conventions as well as other conventions classified as "up to date" by the ILO.

4. Non-observance of fundamental principles and rights at work cannot be advanced or used as a legitimate comparative advantage. Labour standards cannot be used for protectionist purposes.

1. The Parties shall recall their obligations under multilateral environmental agreements to which they are parties, and reaffirm their commitment to implement these agreements effectively in their laws, regulations and practices, thus To respect the environmental principles reflected in the international instruments referred to in s. 32.

2. The Parties also recall their obligation to effectively apply their domestic environmental laws, regulations and standards.

The Parties shall endeavour to facilitate and promote foreign investment, as well as trade and the dissemination of goods and services beneficial to the environment, by addressing non-tariff barriers in this area as well. This may include the promotion of environmentally friendly technologies, research, development and innovation in green economy, sustainable renewable energy, and goods and services Energy efficient or eco-label.

2. The Parties shall endeavour to facilitate and promote foreign investment, as well as trade and the dissemination of products and services contributing to sustainable development, including products and services covered by programmes in Fair and ethical trade.

To this end, the Parties agree to exchange views and may consider, where appropriate, multilateral or bilateral cooperation in this field.

4. The Parties shall encourage cooperation between undertakings concerning products, services and technologies which contribute to sustainable development and which are beneficial to the environment.

The Parties shall endeavour to strengthen their cooperation on issues of common labour and environment related to trade and investment in the bilateral, regional and multilateral fora in which they participate.

1. The Parties shall designate the administrative units as the point of contact for the implementation of this Chapter.

2. Through the points of contact referred to in para. 1, a Party may request expert consultation or consultation within the Joint Committee on all matters covered by this Chapter. The Parties shall endeavour to reach a mutually satisfactory resolution of the matter. Where appropriate, and subject to the agreement of the Parties, they may seek advice from relevant international organizations or entities.

Where a Party considers that a measure taken by another Party is not in conformity with the obligations under this Chapter, it may request consultations in accordance with Art. 43.

The Parties shall periodically review progress made in the achievement of the objectives set out in this chapter within the Joint Committee and shall take account of international developments in this area in order to identify areas In which additional actions could promote these objectives.

1. By this Agreement, the Parties shall establish the Joint AECB-Serbia Committee. It is composed of representatives of the Parties and is headed by ministers or by senior officials delegated for this purpose.

2. The Joint Committee:

(a)

Supervise and monitor the implementation of this Agreement, including through comprehensive monitoring of the implementation of its provisions, taking due account of all the specific review procedures contained in this Agreement;

(b)

Continue to examine the possibility of eliminating trade barriers and other remaining restrictive trade measures between the EFTA states and Serbia;

(c)

Oversees the future development of this Agreement;

(d)

Supervise the work of all subcommittees and working groups established under this Agreement;

(e)

Work to resolve disputes arising out of the interpretation or application of this Agreement; and

(f)

Considers any other matter which may affect the operation of this Agreement.

The Joint Committee may decide to set up the sub-committees and working groups it deems necessary to assist it in the performance of its tasks. Unless otherwise specified in this Agreement, subcommittees and working groups shall act on the terms of reference of the Joint Committee.

The Joint Committee shall take its decisions in accordance with the provisions of this Agreement and shall make its recommendations by consensus.

The Joint Committee shall meet within one year of the entry into force of this Agreement. Thereafter, it meets whenever necessary, by mutual consent, but normally every two years. The Joint Committee meetings shall be chaired jointly by one of the EFTA States and by Serbia. The Joint Committee shall establish its rules of procedure.

6. Each Party may request at any time, through a written message to the other Parties, the holding of a special meeting of the Joint Committee. Such a meeting shall take place within 30 days of receipt of the request, unless the Parties otherwise agree.

The Committee may decide to amend the Annexes and the Protocols to this Agreement. Subject to the provisions of para. 8, the Joint Committee may fix a date for the entry into force of such decisions.

8. If a representative of a Party to the Joint Committee has accepted a decision subject to constitutional requirements, the decision shall enter into force on the day on which the last Party notifies that its internal requirements have been fulfilled, unless The decision itself does not specify a later date. The Joint Committee may decide that the decision shall enter into force for those Parties that have fulfilled their internal requirements, provided that Serbia is one of those Parties. A Party may apply a decision of the Joint Committee provisionally, until its entry into force for that Party, subject to its constitutional requirements.

1. In the event of a discrepancy in the interpretation, implementation and application of this Agreement, the Parties shall endeavour through cooperation and consultations to find a mutually satisfactory solution.

(2) Any Party may request, in writing, consultations with any other Party concerning any current or proposed action or any other matter that it considers likely to affect the operation of this Agreement. The Party requesting consultations shall simultaneously notify the other Parties in writing and shall provide all relevant information.

3. Consultations shall be held within the Joint Committee, if requested by either Party, within 20 days of receipt of the notification referred to in para. 2, with a view to finding a mutually acceptable solution. If the requested Party in accordance with para. 2 does not respond within ten days or if it does not enter into consultations within 20 days of receipt of the application, the requesting Party is entitled to request the establishment of a panel of referees within the meaning of s. 44 ¹ .

Disputes between the Parties concerning the interpretation of the rights and obligations provided for in this Agreement, which have not been resolved by direct consultation or within the Joint Committee within 60 days from the date of receipt of the The request for consultations may be subject to arbitration by the complaining Party, giving written notification to the Party complained against. A copy of that notification shall be communicated to all other Parties so that each Party may determine whether it intends to participate in the dispute.

2. Where more than one Party requests the establishment of a panel of referees concerning the same matter, and insofar as this is possible, a single arbitral panel will be appointed to examine those disputes ¹ .

(3) A Party that is not involved in the dispute shall be entitled, subject to written request to the parties to the dispute, to submit written submissions to the panel of referees, to receive written communications, including Parties to the dispute, to attend hearings and to express themselves orally.

4. The Board of Referees consists of three members. Within 25 days of receipt of the notification referred to in para. 1, each party to the dispute shall appoint a member, unless a single panel of referees is constituted in accordance with para. 2. In the latter case, the EFTA states appoint a member and Serbia appoints a member. The two appointed members shall agree on the appointment of the third member within 30 days of the appointment of the second member. The third member shall not be a national of a Party or permanent resident in the territory of a Party. The third member so appointed shall chair the arbitration panel.

5. The arbitration panel shall examine the matter referred to it in the request for the establishment of a panel of referees in the light of the provisions of this Agreement, applied and interpreted in accordance with the rules of interpretation of public law International. The award of the arbitration panel shall be final and binding on the parties to the dispute.

6. The arbitral panel shall render its judgment within 180 days from the date on which the chairperson of the panel of referees was appointed. This period may be extended by up to 90 days if the parties to the dispute so agree.

7. The costs of the arbitration panel, including the remuneration of its members, shall be borne equally by the parties to the dispute.

8. Unless otherwise specified in this Agreement or otherwise agreed to by the parties to the dispute, the Optional Rules of the Permanent Court of Arbitration for the Arbitration of Disputes between two States (CPA), entered into Effective October 20, 1992, applies.

The Party concerned shall comply promptly with the award of the arbitration panel. If it is not possible to meet immediately, the parties to the dispute shall endeavour to agree on a reasonable period of time to do so. In the absence of such an agreement within 30 days from the date of the award by the arbitral panel, either party to the dispute may, within 10 days after the expiration of that period, apply to the original panel of referees Determine the duration of a reasonable period.

2. The Party concerned shall notify the other party to the dispute of the measure adopted to implement the award of the arbitration panel.

3. If the Party concerned fails to comply within a reasonable time with the award and the parties to the dispute have not agreed to any compensation, the other party to the dispute may, until the award has been properly made Or that the dispute has otherwise been resolved, and subject to a notification addressed 30 days in advance, to suspend the application of the benefits conferred by this Agreement, but only in a proportion equivalent to those of Affected by the measure that the Board of Referees found to be in violation of this Agreement.

4. Any dispute concerning the implementation of the arbitral award or the notification of suspension shall be subject to the decision of the arbitration panel, at the request of either party to the dispute, before compensation can be claimed Or that the suspension of benefits cannot be applied. The arbitration panel may also decide, for any implementing measure adopted after the suspension of the benefits, whether it is in conformity with its award and whether the suspension of the benefits must be lifted or amended. The decision of the arbitration panel referred to in this paragraph shall normally be made within 45 days from the date of receipt of the request.

This Chapter does not apply to ss. 12 and 13, art. 17, para. 1, and art. 20, para. 1, if the Understanding on Rules and Procedures Governing the Settlement of WTO Disputes ¹ Applies.

The Parties shall take all the general or specific measures required to fulfil their obligations under this Agreement.

The Annexes and Protocols to this Agreement, including their Appendices, shall form an integral part of this Agreement.

1. The Parties undertake to review this Agreement in the light of future developments in international economic relations, including in the context of the WTO, and to examine in this context and in the light of any relevant factors, The possibility of developing and deepening their cooperative relations established by this Agreement, and extending it to areas not yet covered. The Joint Committee shall regularly review this possibility and, if necessary, make recommendations to the Parties, in particular with a view to opening negotiations.

2. The agreements resulting from the procedure referred to in para. 1 shall be subject to ratification, acceptance or approval by the Parties, in accordance with their own procedures.

The Parties may agree to any amendment to this Agreement. Unless the Parties otherwise agree, the amendments shall enter into force on the first day of the third month following the deposit of the last instrument of ratification, acceptance or approval.

2. The text of the amendments, as well as the instruments of ratification, acceptance or approval shall be deposited with the Depositary.

The provisions of this Agreement shall be without prejudice to the rights and obligations of the Parties provided for in the WTO Agreement and other agreements negotiated under its auspices, as well as any other international agreement To which they are parties.

(2) This Agreement shall not preclude the maintenance or establishment of customs unions, free trade zones, border trade arrangements and other preferential agreements, provided that they do not affect the The trade relations regime established by this Agreement.

3. Where a Party adheres to a customs union or a free trade agreement with a third party, it shall, at the request of any other Party, provide an adequate opportunity to conduct consultations with the requesting Party.

(1) Any State which becomes a member of the European Free Trade Association may accede to this Agreement, provided that the Joint Committee approves the accession, the terms and conditions to be agreed by the Parties. The instrument of accession shall be deposited with the Depositary.

(2) In respect of a State which decides to accede to it, this Agreement shall enter into force on the first day of the third month following the deposit of its instrument of accession or the approval of the terms of its accession by the existing Parties, if it Intervenes later.

1. Each Party may denounce this Agreement by written notification to the Depositary. The denunciation shall enter into force six months after the date of receipt of the notification by the Depositary.

2. In the event of denunciation by Serbia, this Agreement shall expire at the time when its denunciation takes effect.

3. Any EFTA State which denounces the Convention establishing the European Free Trade Association ceases Ipso facto To be a Party to this Agreement on the same day that the denunciation takes effect.

(1) This Agreement shall be subject to ratification, acceptance or approval in accordance with the respective constitutional requirements of the Parties. Instruments of ratification, acceptance or approval shall be deposited with the Depositary.

2. This Agreement shall enter into force on 1 ^Er April 2010, for those Parties that have deposited their instruments of ratification, acceptance or approval with the Depositary, or for those who have notified the Depositary of the provisional application, at least two months before that date, provided that Serbia is the number of such Parties.

In the event that this Agreement does not enter into force on 1 ^Er April 2010, it enters into force on the first day of the third month following the deposit by at least one EFTA State and Serbia of their instruments of ratification, acceptance or approval, or notification of the provisional application To the Depositary.

4. As regards an EFTA State which deposits its instrument of ratification, acceptance or approval after this Agreement has entered into force, the entry into force of this Agreement shall take place on the first day of the third month following the date of filing Its instrument of ratification, acceptance or approval.

5. If its constitutional requirements permit, any EFTA State or Serbia may apply this Agreement provisionally pending its ratification, acceptance or approval by that Party. The provisional application of this Agreement shall be notified to the Depositary.

6. This Agreement does not enter into force or is applied provisionally between an EFTA State and Serbia if the supplementary agreement on trade in agricultural products between that EFTA State and Serbia does not enter into force Simultaneously or not simultaneously applied on a provisional basis. This Agreement shall remain in force between that State of EFTA and Serbia for as long as the supplementary agreement remains in force between them.

The Government of Norway is acting as Depositary.

In witness whereof, The undersigned, duly authorized to that effect, have signed this Agreement.

Done at Geneva on 17 December 2009, in a record copy. The Depositary shall transmit certified copies to all Parties.

(Suivent signatures)