Strengthening Economic Ties: Serbia and China’s New Trade Agreement
The recently signed Free Trade Agreement between Serbia and China marks a significant milestone in the bilateral relations of the two nations. This agreement opens a window of vast opportunities for Serbian businesses to access the immense Chinese market.
A Promising Future for Serbian Economy
Tomislav Momirović, Minister of Internal and Foreign Trade, emphasized the importance of this agreement for Serbia’s economic future. ‘This is a great opportunity for the future of the Serbian economy, and a significant amount of work awaits us ahead,’ he said. The agreement offers Serbia access to a market of 1.4 billion consumers, which is indispensable for the nation’s economic growth and development.
Mutual Benefits and Economic Growth
By joining hands with one of the world’s largest economies, Serbia stands to gain unrestricted access to markets with a combined population of 2.2 billion. China has been a substantial investor in Serbia, pouring 5.5 billion euros into various industries by 2023. This collaboration will further enable Serbian agricultural products to find new buyers in China, enhancing the agricultural sector significantly.
Kina has demonstrated its commitment to this partnership by rapidly finalizing one of its fastest-ever trade agreements. Chinese Ambassador to Serbia, Li Ming, highlighted the exceptional speed and quality of this agreement, which abolishes tariffs on 90% of tariff lines.
Enhanced Infrastructure and Strategic Alignments
The agreement has immediate effects, as reflected by the reduction of tariffs to zero for nearly 60% of products covered. This facilitates smoother access to the Chinese market, cheaper duty-free exports, favorable imports, and acquisition of raw materials and manufacturing components from China necessary for Serbian industries.
Novi Sad’s Mayor, Milan Đurić, lauded the agreement as a testament to the ‘ironclad friendship’ between Serbia and China. This strategic foresight will enable both nations to implement the most significant provisions of the agreement into their import and export practices, showcasing a shared vision for a prosperous future.
The Provincial Government President, Maja Gojković, also pointed out the Agreement’s role in providing a stable environment for businesses operating between Serbia and China. Over 20,000 Serbian products will soon be available in the Chinese market under highly advantageous conditions.
Serbia is among the few European countries to have such a comprehensive agreement with China, highlighting the robust economic partnership between the two nations. Scheduled visits to China will further aid Serbian agricultural producers in establishing valuable partners to expand their market reach.
