The long-awaited free trade agreement between China and Serbia officially came into effect on Monday, marking a significant milestone in the economic relationship between the two nations. The launch event, held in Novi Sad, Serbia's vibrant second city, showcased the strengthened ties and mutual commitment to growth.
Under the agreement signed in October 2023, approximately 90 percent of the products traded between China and Serbia are now exempted from tariffs. Additionally, over 60 percent of these products enjoy zero tariffs immediately following the agreement's implementation, paving the way for smoother and more cost-effective trade operations.
Serbian Minister of Domestic and Foreign Trade, Tomislav Momirovic, emphasized the agreement's pivotal role in Serbia's economic development during his remarks at the event. \"This is a major development for the Serbian economy. We are looking at a market of 1.4 billion consumers,\" he stated. Momirovic highlighted China's investment of 5.5 billion euros ($5.9 billion) in Serbia, positioning China as one of the country's largest investors.
Chinese Ambassador to Serbia, Li Ming, praised the swift implementation of the agreement. He noted that the deal was finalized in less than one and a half years from negotiation to completion, reflecting the \"high degree of political trust\" and the \"ironclad friendship\" between China and Serbia.
The free trade agreement is set to enhance trade, foster investment cooperation, and integrate industrial chains, aiming to maximize economic benefits for both nations and boost their international competitiveness.
Reference(s):
cgtn.com
