The free trade agreement focuses on the liberalization of trade in goods. As soon as the agreement came into force, EFTA eliminated all tariffs on Serbian industrial products, including fish and other seafood. Serbia has phased out its tariffs on imports of industrial products from EFTA countries. Other agricultural agreements between the various EFTA states (Iceland, Norway and Switzerland) and Serbia are an integral part of the instruments for creating the free trade area. Successive amendments to the agreement were introduced in the original legislation. This consolidated version is only of documentary value. Stabilization and association agreements are part of the EU Stabilisation and Association Process (PSA) and the European Neighbourhood Policy (ENP). At present, the countries of the Western Balkans are at the heart of the PSA. Specific Stabilization and Association Agreements (ASAs) have been implemented with various Balkan countries, which contain explicit provisions for the country`s future accession to the EU.
The SAAs resemble in principle the European agreements signed in the 1990s with the countries of Central and Eastern Europe and the association agreement with Turkey. The establishment of a free trade area and the harmonisation of the legislation of the Republic of Serbia with EU law are two of the main obligations that the Republic of Serbia will assume under this agreement. The agreement with Kosovo was the first to be signed after the Lisbon Treaty came into force, which brought down the EU`s legal personality.   An EU representative in Kosovo stated that “unlike the ASA with other countries in the region, this agreement will be exclusively the EU agreement. The EU will sign them as a legal entity.  The agreement did not have to be ratified individually by each Member State, some of which did not recognize Kosovo`s independence.  The representative added: “Since Kosovo is not recognised by the five Member States, we had to adopt a directive stating that the signing of the agreement will not mean that the EU or any of the countries will recognise Kosovo as a state.”  The decision has been in effect since 22 July 2013 and the agreement since 1 September 2013. The agreement opens a free trade area between Serbia and the EU for a transitional period of six years. The deadline for trade liberalization is set in accordance with the ability of Serbian industry and agriculture to adapt to free trade, but also serbia`s desire to accelerate reforms and join the European Union.