Beijing – China and Serbia have elevated their longstanding partnership by signing a historic free trade agreement (FTA), marking a significant milestone in their bilateral relations. The agreement was signed during Serbian President Aleksandar Vucic’s visit to Beijing in October 2023, where he attended the Third Belt and Road Forum for International Cooperation.
The FTA signifies the deepening of economic ties between the two nations, expanding cooperation beyond traditional sectors into digital and sustainable economies. This strategic move opens up vast opportunities in innovation, renewable energy, biotechnology, and environmental protection, further enriching the collaborative landscape.
Over the past eight years, since Chinese President Xi Jinping’s first state visit to Serbia, the relationship between the two countries has flourished. Serbia became China’s first comprehensive strategic partner in Central and Eastern Europe, setting a precedent for cooperation under the Belt and Road Initiative (BRI).
Remarkable Economic Growth
Guided by the consensus of their leaders, China and Serbia have seen substantial growth in economic and trade relations. Bilateral trade surged from $596 million in 2016 to $4.35 billion in 2023. In 2022, China emerged as the largest source of direct investment for Serbia, underscoring the depth of their economic partnership.
President Xi Jinping emphasized that “the modernization we are pursuing is not for China alone, but for all developing countries through our joint efforts.” The new FTA is expected to further boost economic and trade relations, fostering mutual growth and development.
Belt and Road Initiative in Action
As a key partner in the BRI, Serbia was among the first European countries to sign a cooperation agreement with China. Projects under the initiative have significantly improved local livelihoods, enhanced employment opportunities, and energized Serbia’s development.
A notable example is the Belgrade-Novi Sad section of the Hungary-Serbia railway, completed in 2022. This modern railway has reduced travel time between the two cities from 90 minutes to approximately 30 minutes, transporting over 7 million passengers in the past two years. Additionally, the revitalization of the Smederevo steel plant has bolstered Serbia’s industrial capacity and job creation.
A Shared Future
The ironclad friendship between China and Serbia has withstood the test of time, thriving despite global shifts. The signing of the FTA marks a new chapter in their relationship, propelling cooperation to new heights and contributing significantly to building a community with a shared future for mankind.
Both nations look forward to continued collaboration, leveraging their strategic partnership to foster economic prosperity and enhance the well-being of their peoples.
Reference(s):
cgtn.com
