Between 1954 and 1974, Israel took part in the Asian Games, but political pressure exerted by Arab countries due to the Arab–Israeli conflict led to Israel's exclusion from the re-organized Olympic Council of Asia in 1981 (See Israelis Facing Asian Ban). It then became a member of the European Olympic Committees in 1994.
oks.org.rs
The Olympic Committee of Serbia was founded in 1911, as a successor to the Serbian Olympic Club (source).