In October 2023, China and Serbia took a significant step forward in their bilateral relations by signing the China-Serbia Free Trade Agreement. This groundbreaking agreement is the first of its kind between China and a nation from Central and Eastern Europe and is set to take effect in the coming months.
The China-Serbia Free Trade Agreement not only embodies the consensus reached by the leaders of both countries but also marks a pivotal moment in the China and Central and Eastern European Countries Cooperation (China-CEEC cooperation) mechanism. It stands as a major achievement of the third Belt and Road Forum for International Cooperation.
A Solid Foundation for Collaboration
China and Serbia have built a strong foundation of friendship since establishing a strategic partnership in 2009, which was elevated to a comprehensive strategic partnership in 2016. The introduction of a comprehensive visa-free regime in 2017 further strengthened their ties. Serbia's membership in the China-CEEC cooperation mechanism and the Belt and Road Initiative has led to frequent high-level interactions and intimate cooperation across various sectors, including infrastructure, energy, economy, trade, and tourism.
Significant Chinese investment projects in Serbia, such as the E763 highway, the Zemun-Borca Bridge, the Hungary-Serbia railway, and the acquisition of the Smederevo Steel Mill by HBIS Group, highlight the deepening economic ties between the two nations.
Enhancing Economic and Trade Cooperation
In 2022, China became Serbia's largest source of foreign direct investment, and bilateral trade surged to $4.35 billion in 2023. The newly signed free trade agreement aims to elevate goods trade liberalization, mutually cancelling tariffs on approximately 90% of tariff lines, which covers about 95% of bilateral trade volume. Over 60% of these tariff lines will see immediate elimination upon the agreement's implementation, while the remaining products will gradually transition to zero tariffs.
This agreement is poised to significantly boost bilateral trade, with China increasing its exports of new energy vehicles, photovoltaic components, lithium batteries, and communication equipment to Serbia. Conversely, Serbia's high-quality products, including beef, wine, nuts, generators, and motors, will enter the Chinese market at more favorable prices, fostering mutual benefits and win-win outcomes in economic and trade cooperation.
巨大合作潜力
在一些西方国家呼吁对中国“去风险”的大背景下，中塞自由贸易协定的签署尤为宝贵，成为欧洲在促进开放型世界经济方面的重要典范。
Reference(s):
China-Serbia Free Trade Deal: A Landmark of China-CEEC Cooperation
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