The Effects of Investment Treaties and Trade Agreements on FDI: The Case of Serbia

Lee H.-S. Nenovsky N. Yu W.
2025 Routledge

Eastern European Economics
2025 #63 Issue 4 637 - 663 pp.

This study explores the effects of Bilateral Investment Treaties (BIT) and Regional Trade Agreements (RTA) on foreign direct investment (FDI) inflows into Serbia, utilizing panel data for 2010–2021. The results indicate that both BIT and RTA independently exert positive impacts on Serbia’s inward FDI. Also, the interaction effects between BIT and RTA dummies and export/import variables on inward FDI are positive. This suggests that the implementation of BITs and/or RTAs fosters a complementary relationship between trade and FDI in Serbia as the predominant type of FDIs from partner states with which Serbia shares BITs and/or RTAs is vertical and export-platform rather than horizontal.

Bilateral investment treaty , foreign direct investment , regional trade agreement , Serbian economy , transition economy

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Department of Marketing, Faculty of Economics, Peoples’ Friendship University of Russia named after Patrice Lumumba, Moscow, Russian Federation
LEFMI, University of Picardie Jules Verne, Amiens, France
The Governing Council of the Bulgarian Central Bank, Sofia, Bulgaria
Department of Economics, KIMEP University, Almaty, Kazakhstan

Department of Marketing
LEFMI
The Governing Council of the Bulgarian Central Bank
Department of Economics

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