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The China Serbia Free Trade Agreement will come into force on July 1, 2024

2024-06-28 16:55 Xinhua Editor in charge: Chen Xi

Xinhua News Agency, Beijing, June 28 The Ministry of Commerce announced on the 28th that the Free Trade Agreement between the Government of the People's Republic of China and the Government of the Republic of Serbia was signed on October 17, 2023. At present, both China and Serbia have completed their own domestic approval procedures, and the agreement will come into force on July 1, 2024.

After the entry into force of the China Serbia Free Trade Agreement, China and Serbia will gradually eliminate tariffs on 90% of the tax items, and more than 60% of the tax items will be eliminated immediately on the day when the agreement takes effect. The proportion of the import volume of the final zero tariff items of both sides will reach about 95%. At the same time, the agreement has also established institutional arrangements on rules of origin, customs procedures and trade facilitation, sanitary and phytosanitary measures, technical barriers to trade, trade remedies, dispute settlement, intellectual property protection, investment cooperation, competition and many other fields, which will provide a more convenient, transparent and stable business environment for enterprises of the two countries.

The entry into force and implementation of the China Serbia Free Trade Agreement is an important measure to implement the important consensus reached by the leaders of the two countries and the outcomes of the Third Belt and Road Forum for International Cooperation. It will further promote the upgrading of bilateral economic and trade cooperation and inject new momentum into deepening the China Serbia comprehensive strategic partnership and building a community of shared future in the new era.

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