Serbia to sign free trade deal with China by year-end - Vucic

Bilateral trade is expected to subsequently expand from the current $5.3 billion (4.6 billion euro) a year to $8 billion, and soon reach $10 billion, similar to the volume of Serbia's trade with Germany, Vucic said according to a video file posted on Saturday on the YouTube channel of ruling Serbian Progressive Party (SNS).

"The trade deal will mean a lot to our exporters, farmers, manufacturers, but also to the service exporters as well as to the entire IT sector," the president said.

Upon the finalization of the trade deal with Beijing, Serbia will be more attractive to investors from the western countries, Vucic stated in the video file.

Serbia signed a free trade agreement with the Eurasian Economic Union (EAEU), which came into force in July 2021. The EAEU is a political and economic union of several states in central and northern Eurasia that once were members of the former Soviet Union - Russia, Kazakhstan, Belarus, Armenia and Kyrgyzstan.

Serbia's trade volume amounted to $59.4 billion in 2021, according to official data. Trade with European Union member states accounted for 60.3% of the total amount.