China-Serbia FTA enters into force with zero tariffs on 90% of products! Fer House
According to People's Daily, new progress has been made in the China-Serbia FTA, which was announced by the Chinese side.
In the wave of globalized trade, China and Serbia are writing a new chapter together. Recently, with the official entry into force of the China-Serbia FTA in 2023, the zero-tariff products between the two sides will reach a staggering 90%, marking a brand new stage of economic and trade cooperation between the two countries. This is not only the first FTA signed between China and Central and Eastern European countries, but also means that Serbia has successfully become China's 29th FTA partner.
In terms of specific products, Serbia will apply zero tariffs to high-tech products such as automobiles, photovoltaic modules and lithium batteries, as well as machinery and equipment and some agricultural and aquatic products, which are of key interest to China. Similarly, China will also grant zero tariff treatment to Serbia's traditional industrial products such as generators, electric motors and tires, as well as specialty agricultural products such as beef, wine and nuts. This initiative means that China's advantageous products will have easier access to the Serbian market, while Serbian exports will enter Chinese households at more favorable prices.
In addition to tariff reductions, China and Serbia have also committed in the agreement to strengthen cooperation in a number of areas. Including rules of origin, customs procedures and trade facilitation, sanitary and phytosanitary measures, technical standards, etc. These commitments will provide a more stable and transparent business environment for enterprises of the two countries to carry out cooperation, and further enhance the level of trade facilitation between the two countries.
The entry into force of the China-Serbia FTA is not only conducive to the expansion of bilateral trade, but will also promote investment cooperation and industrial chain integration between the two sides. Looking ahead, the entry into force of the China-Serbia FTA will bring broader space and deeper development for economic and trade cooperation between the two countries. With the gradual elimination of tariffs and the improvement of trade facilitation, China and Serbia will further strengthen cooperation and exchanges in many fields, and jointly promote bilateral economic and trade relations to a new height.
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