Eight years ago, Chinese President Xi Jinping made his first state visit to the Republic of Serbia, marking the beginning of a transformative relationship. This historic visit established Serbia as China's first comprehensive strategic partner in Central and Eastern Europe (CEE), setting the stage for unprecedented cooperation under the Belt and Road Initiative (BRI).
Since then, the China-Serbia partnership has grown exponentially, exemplifying successful collaboration between China and CEE countries. In October 2023, President Vucic attended the Third Belt and Road Forum for International Cooperation in Beijing, where the two nations signed the China-Serbia Free Trade Agreement (FTA). This landmark agreement is the first of its kind between China and a Central and Eastern European country, expanding bilateral cooperation beyond traditional sectors into digital and sustainable economies.
The FTA has unlocked vast potential in areas such as innovation, new energy, biotechnology, and environmental protection, enriching the collaborative landscape between China and Serbia. This strategic expansion has not only diversified economic ties but also paved the way for advancements in technology and sustainability.
Guided by the strong consensus between the two heads of state, economic and trade cooperation has soared. Bilateral trade surged from $596 million in 2016 to an impressive $4.35 billion in 2023. In 2022, China became Serbia's largest source of direct investment, underscoring the deepening economic bonds between the nations.
Chinese President Xi Jinping emphasized the shared vision by stating, \"The modernization we are pursuing is not for China alone, but for all developing countries through our joint efforts.\" His current state visit is expected to further enhance economic and trade relations, particularly within the framework of the BRI.
Serbia's role as a key partner in the BRI is evident through significant infrastructure projects that have boosted local economies. Notable examples include the Hungary-Serbia railway project and the revitalization of the Smederevo steel plant. In 2022, the Belgrade-Novi Sad section of the Hungary-Serbia railway was completed, reducing travel time between the two cities from 90 minutes to approximately 30 minutes. Over the past two years, this railway has transported over 7 million passengers, demonstrating the tangible benefits of the partnership.
The collaborative efforts between China and Serbia continue to create a community with a shared future for mankind, driving economic growth, innovation, and sustainable development in the region.
Reference(s):
cgtn.com
