Novi Sad, Serbia – The China-Serbia Free Trade Agreement (FTA) officially came into effect on Monday, marking a significant milestone in the economic relations between the two countries. A celebratory launch event was held in Novi Sad, Serbia’s second-largest city, signifying a new chapter of collaboration and opportunity.
Signed in October 2023, the FTA eliminates tariffs on about 90% of the products traded between China and Serbia. Over 60% of these products will enjoy zero tariffs immediately, paving the way for increased trade volume and economic growth. This agreement is poised to benefit businesses, investors, and consumers in both nations.
Serbian Minister of Domestic and Foreign Trade Tomislav Momirovic and Chinese Ambassador to Serbia Li Ming attended the event. Momirovic highlighted the agreement’s significance, stating, “This is a major development for the Serbian economy. We are looking at a market of 1.4 billion consumers.”
Momirovic emphasized that the FTA will enhance trade relations, foster investment cooperation, and integrate industrial chains. “The agreement will maximize economic benefits for both nations and boost our international competitiveness,” he added.
China has invested 5.5 billion euros (approximately $5.9 billion) in Serbia, making it one of the country’s largest investors. The strengthened economic ties are expected to create new opportunities for entrepreneurs, investors, and market analysts interested in the burgeoning markets of Asia and Eastern Europe.
Ambassador Li praised the swift implementation of the agreement, noting that it took less than one and a half years from negotiation to finalization. “This reflects a high degree of political trust and an ironclad friendship between China and Serbia,” he said.
The FTA is anticipated to stimulate economic growth, encourage cultural exchanges, and enhance mutual understanding between the two countries. Academics and researchers may find new avenues for collaboration, while travelers and cultural enthusiasts can look forward to enriched experiences as ties deepen.
This landmark agreement not only solidifies the economic partnership between China and Serbia but also signifies their shared vision for a connected and prosperous future.
Reference(s):
cgtn.com
