This Article analyzes harmonization of regulations adopted by the Republic of Serbia in the field of protecting geographical indications with the EU relevant regulations. Full harmonization with the acquis communautaire should create a possibility for Serbia to sell its products on the World Market and to protect these brands legally. Serbia is rich in natural, agricultural and food products produced in undeveloped rural areas. However, unlike European producers, producers in Serbia have not sufficiently recognized their economic interest to protect their products with geographical indications and are less likely to use this type of protection. Therefore, we believe that an adequate system of protection harmonized with European and International Standards represents a significant economic potential for developing rural areas and can provide competitiveness of Serbian products labeled with geographical indications both on European and International Market.