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The Government of the Republic of Serbia

In the service of citizens

Free Trade Agreement with China great opportunity for Serbian economy

Belgrade, 18 June 2024

Minister of Domestic and Foreign Trade Tomislav Momirović expressed his belief today that the Free Trade Agreement with China, which comes into effect on 1 July, will help use all the potentials offered by privileged access to the vast Chinese market.

Momirović stated at the Serbian Chamber of Commerce, where the potentials of this agreement were presented to businesspeople, that free trade has brought significant benefits to our economy, generating new jobs and creating opportunities for the reindustrialisation of Serbia.

He pointed out that the export of Serbian companies increased by more than 300% in 2023 compared to 2012, while imports grew significantly slower than exports, contributing to a substantial improvement in the trade balance by nearly 60%.

Thanks to the network of agreements concluded so far with partners such as the EU, CEFTA, the Eurasian Union, Turkey, EFTA, and the United Kingdom, Serbia has had free access to markets with a population of 800 million. Now, with the agreement with China coming into force, we will have free access to markets covering a population of over 2.2 billion, the Minister emphasised.

In his opinion, this will have a strong impact on both large companies and small and medium-sized enterprises, as they will have opportunities to operate in a vast market like China.

Momirović expressed gratitude to the ministry representatives who worked on the Agreement and welcomed the dedication of Serbian businesspeople in improving the economic development of Serbia.

At the Serbian Chamber of Commerce, businesspeople and the interested public were also presented with a section of the Ministry of Domestic and Foreign Trade's website, where, starting today, all information about the Free Trade Agreement between Serbia and China will be available in the "Free Trade Agreements" section.