China-Serbia free trade agreement to take effect on July 1

BEIJING, June 28 (Xinhua) -- The free trade agreement (FTA) between China and Serbia will go into effect on July 1 as both countries have completed respective domestic approval processes, China's Ministry of Commerce (MOC) announced Friday.

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 tariffs on over 95 percent of the products will be gradually reduced to zero, the MOC added.

The implementation of the FTA will promote the comprehensive upgrading of bilateral economic and trade cooperation, and inject new momentum into deepening the China-Serbia comprehensive strategic partnership and the building of a China-Serbia community with a shared future in the new era, the MOC said.

The Customs Tariff Commission of the State Council announced Thursday that China will impose the tariff rates it has pledged under the FTA on certain imports from the country starting from July 1, the same day the FTA comes into force.

After the deal comes into force, China will exempt tariffs on some Serbian imports such as electric generators, electric motors, tires, beef, wine and nuts, according to the MOC. ■