China-Serbia Free Trade Agreement is the first free trade agreement signed between China and Central and Eastern European countries. After it takes effect, both parties will cancel tariffs on 90% of the items respectively.

By Zhao Yongjin

On 1st July, China-Serbia Free Trade Agreement took effect officially. On the day, Hai’an office of Nantong Customs issued a China-Serbia Free Trade Certificate of Origin for a batch of waterproof breathable membrane of Nantong Kingway Complex Material Co., Ltd. which would be exported to Serbia. With the certificate of origin, the export goods of the company worth 324.5 thousand yuan will obtain a tariff reduction of 16.2 thousand yuan.

China-Serbia Free Trade Agreement is the first free trade agreement signed between China and Central and Eastern European countries. After it takes effect, both parties will cancel tariffs on 90% of the items respectively. Among them, over 60% of the tax items will be canceled immediately. Serbia will apply zero tariff on items which China focuses on including automobile, lithium battery, communication devices, and mechanical equipment. Tariffs on relevant products will be reduced from current 5% to 20% to zero gradually. China will apply zero tariff on items which Serbia focuses on including power generator, beef, and wine. Tariffs on relevant products will also be reduced from 5% to 20% to zero gradually.

‘As a company with 90% of the products exported to countries in Europe, America, Africa and Southeast Asia, we enjoyed the policy benefits at once. We are very confident of our products in entering international market,’ said Zhou Haihua.