The free trade agreement between China and Serbia entered into force

By: Trademagazin Date: 2024. 07. 01. 11:17

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The free trade agreement between China and Serbia entered into force on Monday, thanks to which around 20,000 products will become duty-free.

The agreement was signed in October 2023 and covers 10,412 Serbian and 8,930 Chinese products. 60 percent of these became duty-free as of Monday, while the duty on the remaining products will be gradually abolished over the next ten years.

According to data from the Statistical Office of Serbia, bilateral trade turnover last year amounted to 6.09 billion dollars (2,250 billion forints), of which Serbian exports were only 1.23 billion dollars (454 billion forints). Belgrade expects the agreement to significantly increase exports to China.

According to the Minister of Internal and Foreign Trade Tomislav Momirovic, this is a huge opportunity for Serbian producers, since the agreement mainly affects agricultural and food industry products.

Until now, Serbia exported the most copper to China, but the market is now opening up to apples, prunes, stone fruits and wine, among others.

According to official data, around 5.3 billion euros (2,094 billion forints) of direct investment from China have arrived in Serbia since 2016. About 1,614 Chinese companies registered in Serbia employ more than twenty thousand people.