Serbia and China Sign €4bn Free Trade Agreement and Infrastructure Contracts

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Serbia and China have signed a free trade agreement and infrastructure contracts worth a total of €4bn ($4.4bn). The Serbian President, Aleksandar Vucic, led a delegation to China, where they finalized the agreements. The free trade agreement covers a wide range of products from both countries and is seen as a significant step in strengthening bilateral relations. The agreement was signed by the Serbian Minister of Trade, Tomislav Momirovic, and his Chinese counterpart, Wang Wentao.

President Vucic expressed his delight with the agreement, stating that it will open new opportunities for both countries. In addition to the free trade agreement, Serbia and China also signed memorandums of understanding on economic development policy and industrial and investment cooperation. A medium-term action plan for the implementation of the Belt and Road initiative was also established.

Alongside the trade agreement, Serbia signed three commercial agreements with Chinese companies for the development of infrastructure projects. These projects are estimated to be worth around €4bn and will include the construction of nearly 300 kilometres of new roads in Serbia. One of the projects involves the construction of a high-speed roadway in the province of Vojvodina, connecting Hungary and Romania. Another project focuses on the construction of a motorway linking Belgrade, Zrenjanin, and Novi Sad.

Furthermore, Serbia will acquire five high-speed trains from China for the Belgrade-Budapest railway line, at a cost of €54mn. These infrastructure projects aim to improve transportation connectivity within Serbia and enhance trade links with other countries.

During the visit, the Serbian Minister of Information and Telecommunications, Mihailo Jovanovic, met with representatives from Huawei. They discussed collaboration between Huawei and the Serbian government, particularly in advancing optical infrastructure in rural areas. Serbia aims to provide high-speed internet access to all households, with a project targeting the most remote regions by the end of 2025.

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Serbia considers itself a leader in Southeast Europe in terms of optical coverage development, with over 75% of households already having access to high-speed internet. The government has prioritized digitizing public administration, strengthening infrastructure, and promoting artificial intelligence.

The agreements signed between Serbia and China signify a deepening of economic and trade relations between the two countries. They open doors for increased cooperation and investment, benefiting both nations.

Frequently Asked Questions (FAQs) Related to the Above News

What is the significance of the free trade agreement signed between Serbia and China?

The free trade agreement is seen as a significant step in strengthening bilateral relations between Serbia and China. It covers a wide range of products from both countries and opens new opportunities for increased trade and cooperation.

Who signed the free trade agreement on behalf of Serbia and China?

The agreement was signed by the Serbian Minister of Trade, Tomislav Momirovic, and his Chinese counterpart, Wang Wentao.

Besides the free trade agreement, what other agreements were signed between Serbia and China?

In addition to the free trade agreement, Serbia and China signed memorandums of understanding on economic development policy and industrial and investment cooperation. They also established a medium-term action plan for the implementation of the Belt and Road initiative.

What infrastructure projects will be developed as part of the agreements?

Serbia signed three commercial agreements with Chinese companies for the development of infrastructure projects. These projects are estimated to be worth around €4bn and include the construction of nearly 300 kilometres of new roads in Serbia. They also involve the construction of a high-speed roadway connecting Hungary and Romania, as well as a motorway linking Belgrade, Zrenjanin, and Novi Sad.

What transportation improvement is included in the agreements?

As part of the infrastructure projects, Serbia will acquire five high-speed trains from China for the Belgrade-Budapest railway line at a cost of €54mn. This aims to improve transportation connectivity within Serbia and enhance trade links with other countries.

What collaboration was discussed with Huawei during the visit?

The Serbian Minister of Information and Telecommunications, Mihailo Jovanovic, met with representatives from Huawei to discuss collaboration, particularly in advancing optical infrastructure in rural areas. Serbia aims to provide high-speed internet access to all households, with a focus on remote regions by the end of 2025.

What is Serbia's progress in terms of optical coverage development and digital infrastructure?

Serbia considers itself a leader in Southeast Europe in terms of optical coverage development, with over 75% of households already having access to high-speed internet. The government has prioritized digitizing public administration, strengthening infrastructure, and promoting artificial intelligence.

What do the agreements signed between Serbia and China mean for both countries?

The agreements signed between Serbia and China signify a deepening of economic and trade relations between the two countries. They open doors for increased cooperation and investment, benefiting both nations.

Please note that the FAQs provided on this page are based on the news article published. While we strive to provide accurate and up-to-date information, it is always recommended to consult relevant authorities or professionals before making any decisions or taking action based on the FAQs or the news article.

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