A promotional event for the China-Serbia Free Trade Agreement (FTA) was held on Monday in Novi Sad, the second largest city of Serbia, with guests from both China and Serbia praising the agreement that came into effect on Monday.
The event was co-hosted by Serbian Minister of Domestic and Foreign Trade and the Chamber of Commerce and Industry of Serbia. Speakers at the event included Minister Tomislav Momirovic, President of the Chamber Marko Cadez, and Chinese Ambassador to Serbia Li Ming.
"This is an inspiring day, as China, a global economic powerhouse, plays a pivotal role in driving world trade. Through deeper cooperation with China, we will make progress on the global stage," said Cadez.
Momirovic said that the FTA with China will enhance trade, foster investment cooperation and integrate industrial chains, to ultimately maximize economic benefits for both nations and boost their international competitiveness.
"China has been one of Serbia's most important economic partners, as well as our largest investor. Between 2014 and 2023, Chinese companies invested more than 5.5 billion euros in Serbia. In 2023, China became our second largest trading partner, with a trade volume of more than 6.1 billion U.S. dollars," Momirovic said.
At the event, Chinese Ambassador to Serbia Li Ming praised the timely implementation of the agreement, which he said reflects "a high degree of political trust."
"Serbia has now established free trade relations with Europe and the Eurasian market, which has increasingly attracted Chinese investors in recent years. We believe that after the China-Serbia FTA takes effect, even more Chinese investors will come to Serbia to invest and do business," said Ambassador Li.
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 FTA goes into effect.
The tariffs on over 95 percent of the products will be gradually reduced to zero, according to China's Ministry of Commerce.
On the first day of the agreement's entry into force, Serbian wine merchant Nastic obtained the first four FTA certificates of origin. He said that the export tariff on wine was reduced by one-fifth on Monday, and from January 1, 2025, the export tariff will be reduced to about 50 percent of the previous level.
"This morning, the moment I received the certificate issued by the customs will be unforgettable for me. It is so meaningful to obtain the first batch of certificates of origin of the FTA. Our wines are now among the first export goods under the new FTA, and I believe our export volume will double next year. Since we learned about the China-Serbia FTA, we have been very confident about it. We have opened up new vineyards and are expanding the scale of planting. We are also looking forward to the harvest," said Nastic.
Serbia holds event to promote FTA with China
