Serbia-China FTA slashes tariffs on Serbian wine

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 ...