Serbia-China FTA slashes tariffs on Serbian wine

Published 2024년 7월 5일

Tridge summary

The China-Serbia Free Trade Agreement, which became effective on July 1, 2023, is set to significantly reduce tariffs on Serbian wine imports to China, with complete elimination expected within five years. This agreement, signed on October 17, 2023, aims to eliminate tariffs on 90% of taxable goods traded between the two countries. While China will still apply value-added and consumption taxes on wine, the reduced tariffs, coupled with the growing preference for white wine in China, could mark a substantial shift in the wine market. This agreement not only benefits wine but also extends to other products, with over 60% of taxable goods immediately exempted from tariffs and the majority of products gradually having their tariffs eliminated.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The China-Serbia Free Trade Agreement (FTA), which came into effect on 1 July, will see tariffs on Serbian wine imports to China reduced to zero within five years. Signed on 17 October 2023, the FTA between China and Serbia took effect on 1 July. As part of the agreement, both countries will eliminate tariffs on 90% of taxable goods. Tariffs on Serbian wine will decrease by 20% annually, reaching 0% in five years. The current import tariff on small-packaged wines and sparkling wines made from fresh grapes is 11.2%, according to China’s Ministry of Commerce. This is compared to a typical 14% tariff rate for these products in China, VinoJoy has reported. However, even with zero tariffs, China still imposes a 13% value-added tax and a 10% consumption tax on wine. Today, Serbia has some 20,100ha of vineyards across 22 wine regions incorporating 77 wine districts. Close to 60% of the country’s vineyards are planted with white wine varieties, a colour which is gaining traction among ...

Source: Thedrinkbusiness