Agreement on the free trade of Serbia and Kine, which enters into force today and covers more than 20.000 products, will enable Serbian producers to export to a market of 1,4 billion inhabitants, which, according to economists' forecasts, should increase exports to this country.
The agreement, which covers 10.412 Serbian products (tariff positions) and 8.930 Chinese products, was signed in Beijing in October 2023 by the Ministers of Trade of Serbia and China, Tomislav Momirović and Wang Wentao, in the presence of the Presidents of Serbia and China, Aleksandar Vučić and Xi Jinping.
It is foreseen that, on the first day of the entry into force of the Agreement, 60 percent of goods will be exempted from customs duties, in the next five to 10 years another 30 percent of goods, while the most sensitive products, primarily agricultural products, will continue to be protected.
Goods that will be exempted from customs duties in five years until then will have customs duties reduced by 20 percent each year, while goods that will be duty-free in 10 years will have customs duties reduced by 10 percent each year until then.
Momirović: The biggest chance for Serbian companies
From July 1, it will be possible to export duty-free from Serbia to China, among other things, fresh fruits and vegetables, pharmaceutical products, products of the chemical and mechanical industry.
Companies using the benefits provided for in the Agreement must prove that 50 percent of the value of each product exported was created in the home country.
Trade Minister Tomislav Momirović recently assessed that the Free Trade Agreement with China is perhaps the greatest opportunity for Serbian companies in the last 25 years and called on domestic businessmen to explore the possibilities of the Agreement and to take advantage of all the benefits it provides to increase competitiveness, expand business and increase exports.
The Serbian Chamber of Commerce believes that the start of the implementation of the Free Trade Agreement with China is the most important economic news for the Serbian economy this year and a major step forward in the economic relations between Serbia and China, which have seen dynamic growth in the past 10 years.
Source: Beta
