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Tomorrow (July 1), the China-Serbia Free Trade Agreement will officially come into effect. This is the first free trade agreement signed between the mainland and Central and Eastern European countries, and it is also the 22nd free trade agreement signed by the mainland with foreign countries. After the agreement enters into force, the two sides will gradually eliminate tariffs on 90 percent of each other's tariff lines, of which more than 60 percent will be eliminated immediately tomorrow on the day the agreement takes effect.
At the end of June, in Yantai, Shandong, a batch of equipment parts for oil drilling and production was being counted and packed, and was about to be sent to Serbia.
Li Hualin, director of the logistics department of a petroleum equipment technology Co., Ltd. in Yantai, Shandong: Our company's annual exports to Serbia exceed 40 million yuan, and it is expected that the tax will be reduced by more than 200,000 yuan in the second half of this year, and our annual export volume to Serbia is expected to increase by about 10%.
After the agreement comes into force, the import tariffs on automobiles, photovoltaic modules, lithium batteries, communication equipment, machinery and equipment, refractory materials, and some agricultural and aquatic products from the mainland will be gradually reduced to zero when they enter the Serbian market. When Serbian generators, electric motors, tires, beef, wine, nuts and other products enter the Chinese market, import tariffs will also be gradually reduced from the current 5% to 20%, gradually reduced to zero.
Bi Haijun, Director of the Customs Department of Qingdao Customs: Shandong's main beneficiary industries are agricultural products, home appliances, photovoltaics, and machinery parts. It is estimated that in the second half of this year, Shandong enterprises can save about 7 million yuan in tariff costs.
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Editor: Pan Xu