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Heavy! 90% of the goods will be zero tariff! Our 29th free trade partner is here!
Oct 23,2023
On October 17, Minister of Commerce Wang Wentao and Serbian Minister of Domestic and Foreign Trade Momilovic signed the Free Trade Agreement between the Government of the People's Republic of China and the Government of the Republic of Serbia on behalf of their respective governments.
This is the first free trade agreement signed between China and Central and Eastern European countries, and it is also the first free trade agreement signed by China.With 22 free trade agreements, Serbia has become China's 29th free trade partner. The signing of the China-Serbia Free Trade Agreement is an important measure to implement the consensus of the leaders of the two countries. It is another important practice to expand the network of high-standard free trade zones facing the world. It is also an important achievement of the third "Belt and Road" International Cooperation Summit Forum.
China-Serbia Free Trade Agreement Negotiated onIt will be launched in April 2023 and substantially completed by the end of September. After the signing of the agreement, the two sides will carry out their respective domestic legal approval procedures to promote the early entry into force of the agreement.
Zero tariff products from both sides will reach90%
The China-Serbia FTA focuses on relevant arrangements for trade in goods, with the following main features:
First, the level of liberalization is high.The two sides will be on90% of the tariff lines will cancel tariffs on each other, of which more than 60% of the tariff lines will be canceled immediately after the entry into force of the agreement. The proportion of imports for the final zero-tariff items on both sides reached about 95%.
Second, the product coverage is wide.The Serbian side will include automobiles, photovoltaic modules, lithium batteries, communication equipment, mechanical equipment, refractory materials, and some agricultural and aquatic products that China focuses on into zero tariffs. The tariffs on related products will be from the current5%-20% gradually reduced to zero. China will include generators, motors, tires, beef, wine, nuts, etc. that Serbia focuses on into zero tariffs, and tariffs on related products will gradually drop from the current 5%-20% to zero.
Third, facilitation measures are real.The two sides will deepen customs cooperation, strengthen information exchange and communication and coordination, and simplify trade procedures, risk management, transparency, pre-adjudication,The "certified operator" system, cooperation and consultation, etc. make specific provisions. In particular, the introduction of independent declaration of origin, to facilitate enterprises to enjoy benefits.
The promotion of trade liberalization and facilitation between China and Serbia is not only conducive to expanding bilateral trade, but also conducive to promoting bilateral investment cooperation and industrial chain integration, giving better play to their respective comparative advantages and jointly enhancing international competitiveness.
BeforeAugust bilateral trade value of nearly 20 billion yuan
The person in charge of the International Department of the Ministry of Commerce introduced that Serbia is a joint construction of my countryAn important partner of "the belt and road initiative. In 2022, the bilateral trade volume between China and Serbia 3.56 billion US dollars, up 10.1 percent year on year. Through the free trade agreement, China and Serbia will achieve a high level of mutual opening up, establish new institutional arrangements for bilateral economic and trade cooperation, create a more preferential, convenient, transparent and stable business environment for enterprises of the two countries, and promote high-quality joint construction. "One Belt One Road" and deepen the China-Serbia comprehensive strategic partnership to inject new momentum.
Customs data show that this yearFrom January to August, the total value of imports and exports between China and Serbia reached 19.8 billion billion yuan, an increase of 21.9 percent over the same period last year.Among them, China exports to Serbia12 billion yuan, up 19.5 year on year; Imports from 7.8 billion yuan increased 25.7 year on year.
Cooperation will be strengthened in many other areas
According to the China-Serbia Free Trade Agreement, in the field of investment and services, China and Serbia agreed to cooperate in investment promotion and investment facilitation, including sharing and exchanging investment information, improving the transparency of the investment environment, and simplifying application approval procedures.At the same time, the two sides will strive to realize the gradual liberalization of service trade and market opening in accordance with the provisions of the WTO General Agreement on Trade in Services, with a view to reaching an agreement on the liberalization of service trade between the two sides.
In the field of intellectual property protection, the two sides will follow the principles and provisions of the WTO Agreement on Trade-Related Aspects of Intellectual Property Rights, and strengthen cooperation in the field of intellectual property protection through coordination and consultation.
In the field of competition, the two sides, on the basis of recognizing the independence of competition law enforcement, make provisions on the rules of enterprise competition to be followed. In addition, the two sides also agreed to strengthen cooperation in the field of health and traditional Chinese medicine.
Source: Zhejiang Trade Promotion (Ministry of Commerce website, General Administration of Customs website, China Securities Network)
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