Tomislav Momirović, the Minister of Internal and Foreign Trade, revealed today that Serbia is poised to commence beef exports to China. Speaking to TV Blic about the Free Trade Agreement between Serbia and China, Momirović emphasized that beef exportation to China will be fully liberalized over the next five years.
The agreement, inked by both nations on October 17, 2023, in Beijing, encompasses 10,412 products from Serbia and 8,930 from China. Importantly, customs duties on Serbian exports will gradually diminish. For instance, tariffs on wine will decrease by 20 percent annually over the next five years, while those on brandy will see a 10 percent reduction over a decade. Momirović stressed the importance of collective action among producers.
Describing the agreement as a “small revolution” with lasting effects spanning five to ten years, Momirović expressed hopes of seeing Serbia’s economic exchange with China reach €15 billion within a decade.
Serbia is set to enjoy exclusive rights to export goods to China without paying customs duties, positioning it as a formidable competitor to European countries. Momirović highlighted the significant advantage this confers on Serbian products, such as wine, which will enter the Chinese market duty-free, unlike wines from other European nations facing tariffs ranging from 38 to 62 percent.
Beyond wine, Momirović underscored that the agreement encompasses various industrial, mechanical, and pharmaceutical products, signaling a significant boost in trade relations between the two nations.
