Vukelic met with Serbian Ministers of the Economy and of Mining and Power Sector, Predrag Bubalo and Radomir Naumov respectively.
The Croatian minister and his hosts discussed cooperation in the project of a future oil pipeline from the Romanian Black Sea port of Constanta to Trieste, Italy.
Bubalo told reporters that they had also discussed bilateral trade relations.
Trade between the two neighbouring countries has increased tenfold over the past ten years, but is still insufficient in view of their potential, the Serbian minister added.
In the first three months of 2006, Croatia's exports to Serbia amounted to USD103.6 million, while imports came to USD42.78 million
Serbian authorities have also shown interest in Croatian investment in the privatisation process in that country as well as in Serbian investment on the Croatian market.
The ministers discussed cooperation within the Central European Free Trade Agreement (CEFTA), of which Croatia is a member while Serbia is a candidate for membership.
Vukelic said the two countries agreed on establishing a business council that would consider possible joint projects. They would also set up teams to address outstanding economic issues from the past, such as property restitution.