China inks free trade agreement with Serbia

ISTANBUL

China on Tuesday signed a free trade agreement (FTA) with Serbia, marking Beijing’s first such agreement with a Central and Eastern European country, Chinese media reported.

The Chinese Commerce Ministry said that the agreement will help the two sides achieve “high-standard mutual opening up,” and create a better business environment, according to the CGTN broadcaster.

The ministry said that the agreement will also provide momentum to “high-quality Belt and Road cooperation and the comprehensive strategic partnership” between China and the Balkan country.

"China and Serbia will proceed with respective domestic procedures so that the FTA can come into effect at an early date," the ministry stressed.

This agreement makes Serbia China's 29th FTA partner.

Serbia exports agricultural products, metals, machinery, and textiles to China, and imports electronics, machinery, and consumer goods.

The two countries also collaborate on infrastructure projects, often tied to China's Belt and Road Initiative, further enhancing their economic ties.