Nantong Kingway Complex Material Co Ltd attends an exhibition. [Photo/Nantong Kingway Complex Material]

After the China-Serbia Free Trade Agreement (FTA) came into effect on July 1, the Hai'an office of Nantong Customs issued the city's first certificate of origin under the FTA for a shipment of waterproof breathable membranes manufactured by Nantong Kingway Complex Material Co Ltd.

"This shipment contains 1,991 rolls and is expected to depart from Shanghai on July 2, arriving in Serbia on Aug 7," explained Zhou Haihua, chairman of the company.

This certificate will allow the company to enjoy tariff concessions, saving 16,200 yuan ($2,229) on the 324,500-yuan-worth of exported goods.

The China-Serbia FTA is the first free trade agreement China has signed with a Central and Eastern European country. Both parties will eliminate tariffs on 90 percent of tariff lines, with over 60 percent becoming tariff-free immediately. Serbia will reduce tariffs on key Chinese exports such as automobiles, lithium batteries, communication equipment, and machinery from the current 5 to 20 percent to zero over time. Similarly, China will reduce tariffs on Serbian exports like generators, beef, and wine from 5 to 20 percent to zero.

"With 90 percent of our products exported to Europe, the Americas, Africa, and Southeast Asia, we are among the first to benefit from these new policies. We are very confident in our ability to compete in the international market," Zhou remarked.