China, Serbia Ink Free Trade Agreement
China and Serbia signed a free trade agreement on Oct. 17, China's Ministry of Commerce announced, according to an unofficial translation. The deal marks the first of its kind between China and a Central and Eastern European country, the ministry said, touting the agreement's importance for its Belt and Road Initiative. The deal will allow both countries to achieve a "high level of mutual openness" and establish a more "preferential, convenient, transparent and stable business environment," the ministry said.
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In a separate release, the ministry detailed the contents of the agreement, which includes a preamble and 10 chapters. Three of the chapters relate to goods and cover trade in goods, rules of origin and customs procedures and trade facilitation. The goods chapters also cover agreements on technical trade barriers, trade remedies and phytosanitary measures.
China said that the deal shows both nations' commitment to the multilateral trading system, highlighting Serbia's efforts to join the World Trade Organization as further commitment to multilateral trading principles.