China and Serbia signed a bilateral free trade agreement in Beijing on Tuesday, according to a statement released by China's Ministry of Commerce.
This is the first free trade agreement signed by China with a central and eastern European country and the 22nd free trade agreement signed by China. Serbia becomes China's 29th free trade partner, said the statement.
Negotiations for the China-Serbia free trade agreement began in April 2023 and were substantively completed by the end of September.
Through this agreement, China and Serbia will achieve a high level of mutual openness, establishing new institutional arrangements for bilateral economic and trade cooperation, according to the commerce ministry.
This agreement will create a more favorable, convenient, transparent and stable business environment for businesses from both countries; inject new impetus into the high-quality growth of the Belt and Road Initiative and deepen the comprehensive strategic partnership between China and Serbia, said the statement.
After the signing of the agreement, both parties will go through their respective domestic procedures to facilitate the timely implementation of the agreement.