China to impose FTA tariff rates on certain Serbian imports

BEIJING, June 27 (Xinhua) -- China will impose the tariff rates it has pledged under a free trade agreement (FTA) signed with Serbia on certain imports from the country, the Customs Tariff Commission of the State Council announced Thursday.

The adjustment will take effect on July 1, 2024, the same day the FTA comes into force.

The implementation of the agreement will further stimulate the potential for bilateral trade and investment cooperation, promoting higher-level cooperation between the two countries, the commission said in a statement.

After the deal comes into force, China will exempt tariffs on some Serbian imports such as electric generators, electric motors, tires, beef, wine and nuts, according to China's Ministry of Commerce.

The FTA, signed last October, is the 22nd of its kind for China and the first one inked with a central or eastern European country, making Serbia China's 29th global free trade partner.