Free Trade Agreement between Serbia and China in force as of today

The free trade agreement (FTA) between China and Serbia will go into effect today, July 1st, as both countries have completed respective domestic approval processes, China’s Ministry of Commerce (MOC) announced on Friday.

According to the deal signed in October 2023, approximately 90 percent of the products traded between China and Serbia will be exempted from tariffs, while over 60 percent of them will enjoy zero tariffs immediately after the agreement goes into effect.

The custom tariffs on over 95 percent of the products will be gradually reduced to zero, the MOC added.

The implementation of the free trade agreement will promote the comprehensive upgrading of bilateral economic and trade cooperation, and inject new momentum into deepening the China-Serbia comprehensive strategic partnership and the building of a China-Serbia community with a shared future in the new era, the MOC said.

After the deal comes into force, China will exempt tariffs on some Serbian imports such as electric generators, electric motors, tires, beef, wine and nuts, according to the MOC. 

China is one of Serbia’s most important economic partners and the largest investor in the Serbian economy, which from 2014 to 2023, amounted to more than 5.5 billion euros, i.e. 17.5 percent of all foreign investments made in the country.

The trade between Serbia and China in 2023 amounted to 6.09 billion dollars, of which 1.2 billion was exports from Serbia. There are 1,560 Chinese companies operating in Serbia and they employ around 20,600 workers.

(N1, 01.07.2024)

This post is also available in: Italiano

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