In a move set to significantly bolster economic ties, China and Serbia signed a historic Free Trade Agreement (FTA) on October 17, 2023. The pact marks the first FTA between China and a Central and Eastern European nation, opening new avenues for cooperation and development.
Serbian President Aleksandar Vucic expressed optimism about the agreement’s impact on bilateral trade. In an interview with CMG, he stated, “We expect trade between our two countries to double or even triple in the next ten years.”
The agreement eliminates tariffs on a wide range of goods, facilitating easier market access for businesses in both countries. It is anticipated to enhance investment opportunities, stimulate economic growth, and strengthen the strategic partnership between China and Serbia.
“This FTA is not just a trade deal; it’s a testament to the deepening friendship and mutual trust between our nations,” President Vucic added. “It will create jobs, boost industries, and bring our peoples closer together.”
China has been one of Serbia’s most significant trading partners in recent years, with collaboration spanning infrastructure, technology, and energy sectors. The new agreement is expected to further diversify trade and encourage innovation.
Analysts predict that the FTA will attract foreign investors keen on leveraging Serbia’s strategic position in Europe and China’s vast market potential. Business professionals and investors are closely watching the development, considering the opportunities for expansion and partnership.
The signing of the FTA underscores China’s growing influence in Central and Eastern Europe and Serbia’s role as a key gateway for Asian trade into the European market. It reflects a broader trend of deepening economic ties between Asia and Europe.
The agreement is set to come into effect following ratification by both countries’ legislative bodies. Stakeholders from various sectors are preparing to navigate the new trade landscape shaped by this landmark deal.
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Serbian president expects trade with China to 'double or triple'
cgtn.com
