Serbia Adopts New Trade Law

OVERIJSE, BELGIUM - Serbian parliament adopted a new Trade Law on July 28, 2010, which will enter into force on January 1, 2011. The new law is based on the free trade principle and meant to prevent unfair competition while improving protection of consumers and goods on the Serbian market.

The new law requires that all retailers possess adequate customs documents, such as an invoice and a customs declaration, for the goods they wish to import and sell. Lack of such documents indicates that the goods might be counterfeit. Retailers also have to keep records of the purchase, the retail price and the transportation of goods, as it could serve as evidence of trademark use in cancellation actions.