On July 4, 2024, Wuhan Fengfan International Trade Co., Ltd. achieved a significant milestone by receiving the first China-Serbia Free Trade Agreement (FTA) certificate of origin from Wuhan Customs in Hubei Province. This development promises substantial tariff reductions, enhancing the competitiveness of local exports to Serbia.
Wuhan Customs granted this inaugural certificate under the newly effective China-Serbia FTA, which started on July 1, 2024. This certificate enables Wuhan Fengfan, a leading exporter of chemical products, to enjoy significant cost savings with zero tariffs, down from 3%.
The certificate covers exports worth approximately 899,000 yuan, mainly electroplating brighteners, highlighting the company's robust trade with Serbia, which reached around 4.85 million yuan in the first half of the year. This tariff reduction is expected to further stimulate Wuhan Fengfan’s exports by making their products more price-competitive.
Wuhan Customs is committed to promoting the understanding and utilization of FTA benefits among local businesses. They plan to enhance their services by providing personalized guidance and digitalizing the certification process, ensuring that more enterprises can leverage the FTA advantages effectively.
The issuance of the first China-Serbia FTA certificate of origin marks a new era for trade relations between Hubei and Serbia, potentially leading to increased export volumes and stronger economic ties.
