China, Serbia slash tariffs as historic free trade deal takes effect

The free trade agreement (FTA) between China and Serbia took effect on July 1st, as the first certificate of origin for exports to Serbia was issued by Pingxiang Customs in south China’s Guangxi Zhuang Autonomous Region.

The certificated was issued for 384 boxes of fireworks from a company in Shangli county. With the certificate of origin, this consignment will enjoy a 2 percent tariff reduction when clearing customs in Serbia.
According to the deal signed in October 2023, approximately 90 percent of the products traded between China and Serbia will be exempted from tariffs, while over 60 percent of them will enjoy zero tariffs immediately after the FTA goes into effect.

The proportion of final zero-tariff items in import value will reach roughly 95 percent for both sides, broadly covering their main export products.
The FTA is expected to boost trade, offering consumers wider choices of imported goods at lower prices. It also encourages investment and industrial collaboration, allowing both countries to leverage their strengths for a stronger global presence.

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