ENVIRONMENTAL MANAGEMENT SYSTEMS CERTIFICATION IN SERBIA: THE INFLUENCE OF TRADE AND ENVIRONMENT

Nowadays, emerging economies tend to open their markets to foreign investors, because they see the key to accelerated economic growth in foreign capital. It is true that foreign investments are an instrument of accelerated economic growth, however, the ecological side of sustainable development should also be considered, and not only economic and possibly social pillar. Thus, the aim of this paper is to review and examine the impact of trade, economic growth and environmental degradation on ISO 14001 certification in Serbia. For research purposes, secondary data from the World Bank were used, for the period from 2006 to 2023, using Pearson product-moment correlation. The results revealed very strong, positive and statistically significant correlations – between the number of ISO 14001 certificates and trade, the number of ISO 14001 certificates and gross domestic product and the number of ISO 14001 certificates and regulatory quality. The results of the research could be useful to policymakers, especially those in the field of environmental protection.