Serbia Approves Free Trade Agreement with China
According to the Serbian news agency Tanjug, the Serbian National Assembly has recently approved several agreements, including a free trade agreement with China. The free trade agreement with China covers 10,412 Serbian products and 8,930 Chinese products. According to the agreement, the first group of products will be duty-free from the date of the agreement’s entry into force, while the tariffs on the other three groups of products will gradually decrease to zero over a period of 5, 10, and 15 years respectively, with tariffs still remaining in place for certain products.
Srbija odobrila sporazum o slobodnoj trgovini sa Kinom.
Prema srpskoj novinskoj agenciji Tanjug, Narodna skupština Srbije nedavno je odobrila nekoliko sporazuma, uključujući sporazum o slobodnoj trgovini sa Kinom. Sporazum o slobodnoj trgovini sa Kinom obuhvata 10.412 srpskih proizvoda i 8.930 kineskih proizvoda. Prema sporazumu, prva grupa proizvoda će biti oslobođena carina od datuma stupanja sporazuma na snagu, dok će tarife na ostale tri grupe proizvoda postepeno smanjivati na nulu u periodu od 5, 10 i 15 godina, uz zadržavanje tarifa za određene
Signing a free trade agreement with China will open up a huge market for Serbia!
Signing a free trade agreement with China will open up a huge market for Serbia
Serbia’s “Izvestia” reported on August 8 that the free trade agreement between Serbia and China is expected to be signed at the end of this year, which will bring benefits to Serbian agricultural and food producers, winemakers and grape growers, as well as the IT sector and wood processing industry. Come to new business opportunities.
Serbian companies in the above-mentioned fields will be able to sell their products and services on more favorable terms in the huge Chinese market with a population of more than 1.4 billion. On the other hand, the agreement will make Serbia one of the most attractive investment destinations in Europe. The signing of the free trade agreement will allow most products to be imported and exported duty-free or with low tariffs, which will lead to an increase in trade volume. China is Serbia’s most important trading partner in Asia. Through this agreement, the strategic partnership between the two countries will be further strengthened. Experts point out that it is necessary to carefully define the document to avoid potential risks that could arise from the opening of Serbia’s small market to the world’s largest trading power.
A month ago, the draft of the free trade agreement with China began to be prepared, and the Ministry of Finance of Serbia took the lead in the preparatory working group. Finance Minister Mali pointed out that in the past 10 years, from 2012 to 2021, Serbia’s exports to China increased 152 times. The agreement will increase the competitiveness of the Serbian economy, boost export growth and open the door to new investments from around the world.
Stanic, Assistant Director of the Strategic Analysis Department of the Serbian Chamber of Commerce and Industry, said that the Serbian Chamber of Commerce and Industry supports the Serbian government in promoting the Serbia-China Free Trade Agreement, but must treat the negotiation process with caution. It is necessary to form a wide-ranging negotiation team to conduct the best possible negotiations, and the opinions of the enterprise must be consulted. Signing a free trade agreement between two countries with disproportionate economic potential is a complex matter, and Serbia has both advantages and risks. The definition of the agreement should be broader and include investment activities in addition to trade. This means that the agreement should agree on the employment of Serbian workers by Chinese companies in Serbia and the inclusion of Serbian suppliers in the supply chains of Chinese companies. Currently, Serbia mainly exports raw materials such as metal and wood to China. A way needs to be found to increase exports of stuffed meats and meat products, wine and other alcoholic beverages.
Economist Nikolic estimates that the free trade agreement with China will greatly stimulate companies that will carry out large-scale investment and production in Serbia, mainly foreign investors.