China and Serbia on Tuesday signed a free trade agreement (FTA), the Chinese Ministry of Commerce said in a statement.

This is the first free trade agreement that China has signed with a country from Central and Eastern Europe, making Serbia China's 29th FTA partner.

According to the ministry, the agreement mainly focuses on eliminating tariffs on 90 percent of goods, and three-fifths of those will have tariffs eliminated immediately once the agreement takes effect.

The tariff-free Chinese goods include automobiles, photovoltaic modules, lithium batteries, communication equipment, mechanical equipment, refractory materials and some agricultural and aquatic products.

China will, similarly, remove tariffs on certain Serbian goods, including generators, electric motors, tires, beef, wine and nuts.

Serbia is an important country in jointly building the Belt and Road Initiative. The bilateral goods trade volume has reached $3.56 billion in 2022, a year-on-year increase of over 10 percent, according to the ministry.

The deal, inked after months of negotiation, will help the two sides achieve high-standard mutual opening-up, create a better business environment, and inject more momentum into high-quality Belt and Road cooperation and the comprehensive strategic partnership between the two countries, the ministry said.

China and Serbia will proceed with respective domestic procedures so that the FTA can come into effect at an early date, the ministry added.

Source: CGTN

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