Serbia’s Minister of Internal and Foreign Trade, Tomislav Momirović, announced that the Free Trade Agreement (FTA) between Serbia and China will come into effect on July 1, providing significant advantages for Serbian companies. The FTA covers approximately 20,000 products, with immediate duty-free access granted to about 60% of them. Over the next five years, tariffs will be progressively reduced for another 16% of products until they are completely abolished. Additionally, 10% of the most sensitive products, primarily agricultural goods, will remain protected by customs duties indefinitely.
Key products benefiting from immediate duty-free export to China include Serbian fruits like apples, plums, and blueberries, as well as various processed foods, oils, beverages and agricultural products. Products such as wine, fresh produce, fruit juices, and certain confectionery items will see gradual tariff reductions over the next few years.
Minister Momirović highlighted that the FTA aims to enhance Serbia’s export potential by providing preferential access to China’s vast market of over 1.4 billion consumers. He emphasized that this agreement marks a significant opportunity for Serbian companies, potentially leading to increased exports, expanded investments, and strengthened economic activity.
Serbia, with a population of approximately 6.5 million, strategically positions itself to benefit from expanded trade opportunities with global economic giants like China. Momirović underscored that the FTA represents a pivotal moment for Serbian businesses, offering unparalleled access to one of the world’s largest markets and marking the most significant trade opportunity in the last 25 years.
Furthermore, Serbia’s existing agreements with the EU, CEFTA, Eurasian Union, and preferential arrangements with America and Japan already provide free access to markets totaling 800 million inhabitants. With the addition of the China FTA, Serbia now enjoys free trade access to markets encompassing over 2.2 billion people worldwide.
The FTA also defines Serbian products as those made from at least 51% domestic raw materials, reinforcing local production and promoting economic growth through enhanced market access and export competitiveness. Detailed information about the agreement can be accessed on the Ministry of Trade of Serbia’s website, providing transparency and support for Serbian businesses gearing up to leverage this new trade landscape.
