Trade Minister Encourages Businesspeople To Utilize Benefits of Free Trade Agreement with China

Tomislav Momirovic (BETAPHOTO/AMIR HAMZAGIC)

Domestic and Foreign Trade Minister Tomislav Momirovic on June 18 called on Serbian businesspeople to explore the Free Trade Agreement with China, taking effect on July 1, and to utilize all the advantages provided for boosting competiveness, expanding business and increasing exports.  

Presenting the Agreement at the Serbian Chamber of Commerce, Momirovic said that as of July 1, 60 percent of goods, or around 10,000 products, would be exempt from customs duties and an additional 30 percent of goods would be exempt over the next five to 10 years, while 10 percent of sensitive sectors products, primarily agricultural products, would remain protected. He also said the Agreement details and the status of more than 20,000 products covered by the document were available on the Ministry’s website.  

“There can be no economic growth without free trade. In a country like Serbia, with a population of 6.5 million, any sort of protectionism is to our detriment,” Momirovic said. He added that the government would be monitoring the Agreement implementation for to safeguard the country against excessive exports. 

Momirovic recalled that before this document with China, Serbia had signed similar arrangements with the EU and CEFTA, the Free Trade Agreement with the Eurasian Economic Union and Turkey, as well as preferential trade agreements with the US and Japan, noting that each of these documents had triggered controversies about whether it would destroy Serbia’s industry. He also said that preparations were underway for free trade agreements with Egypt and the United Arab Emirates.