China-Serbia FTA to take effect on July 1

The China-Serbia Free Trade Agreement will take effect on July 1, said China's Ministry of Commerce.

Upon the entry into force of this FTA, both countries will gradually eliminate tariffs on 90 percent of goods, with over 60 percent of products having their tariffs eliminated immediately on the day the agreement comes into force, said the ministry in an online statement.

The agreement was signed in Beijing in October 2023, adding Serbia as China's 29th free trade partner.

The implementation of the China-Serbia Free Trade Agreement will further unleash the potential for trade and investment cooperation between the two countries, enhance the quality and level of bilateral economic and trade relations, and deliver substantial benefits to businesses and consumers in both nations, said the head of the department of international trade and economic affairs at the Commerce Ministry in another statement.