The only previous meeting between the two nations dates back to 1964 and it was won by Serbia, but this tie came when the Serbian players were competing under the flag of Yugoslavia.
Defending champion Serbia earned their semifinal spot after battling past a weakened Swedish side that was missing its No. 1 player Robin Soderling. The Serbs won the two first singles rubbers but lost the doubles on the second day. Janko Tipsarevic earned the decisive point in the first rubber of the final day.
The Serbs have not lost since their 2009 first round defeat at the hands of Spain in Benidorm and they will be encouraged to continue the winning streak by an always enthusiastic home crowd in Belgrade.
Argentina, meanwhile, is through to the semifinals after completing a perfect performance against Kazakhstan in Buenos Aires. Juan Mónaco, Juan Martín del Potro and the doubles pairing of Eduardo Schwank and Juan Ignacio Chela all won to put their team into the last four for the third time in the last four years.
The defending champions are yet to be beaten at home since becoming an independent nation.