China and Serbia signed their first free trade agreement, and 90% of the products between the two sides will be subject to zero tariffs.

Category: Industry Trends Date: October 24, 2024 17:41 Source: In order to further standardize the declaration behavior of consignors and consignees of goods and streamline relevant declaration columns, the General Administration of Customs has decided to make the following adjustments to the relevant columns, some declaration items and their filling requirements of the Customs Declaration Form for Import (Export) Goods of the Peoples Republic of China and the Record List for Import (Export) Goods Entering (Exiting) the Territory of the Peoples Republic of China:

Home ? Industry Trends ? China and Serbia signed their first free trade agreement, and 90% of the products between the two sides will be subject to zero tariffs.

On October 17, an important free trade agreement was officially signed between the Government of the Peoples Republic of China and the Government of the Republic of Serbia. This milestone agreement marks a new phase in economic and trade relations between China and Central and Eastern European countries.

I. Significance of the Agreement

This agreement is the first free trade agreement signed between China and a Central and Eastern European country, and the 22nd free trade agreement signed by China. With the signing of this agreement, Serbia officially becomes Chinas 29th free trade partner. Moreover, this signing is an important achievement of the third Belt and Road Forum for International Cooperation, reflecting the consensus between the leaders of the two countries and taking a solid step towards building a global high-standard free trade zone network.

II. Content of the Agreement

Tariffs and Goods Trade:China and Serbia have agreed to eliminate tariffs on 90% of tariff lines, with over 60% of tariff lines to be eliminated immediately upon the agreements entry into force. This means that 90% of products will enjoy zero tariffs.
Product Coverage:The agreement covers a wide range of products. Serbia has committed to including many products of interest to China in the zero-tariff category, such as automobiles,photovoltaiccomponents, lithium batteries, etc.; China has similarly included many products of interest to Serbia in the zero-tariff category, such as generators, tires, beef, wine, etc.
Trade Facilitation:The agreement emphasizes strengthening customs cooperation, simplifying trade procedures, improving transparency, and creating a more favorable and convenient business environment for enterprises.

III. Impact of the Agreement

Customs data shows that from January to August this year, bilateral trade between China and Serbia has reached 19.8 billion yuan, a year-on-year increase of 21.9%. The signing of this agreement will undoubtedly further promote bilateral economic and trade cooperation, expand bilateral trade volume, promote the integration of industrial chains between the two countries, and jointly enhance international competitiveness.

In addition, the agreement also covers cooperation in multiple fields, such as investment and services, intellectual property protection, competition rules, and health and traditional Chinese medicine, laying a solid foundation for future cooperation between the two sides.

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