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 Chinese consumers. As tastes develop and consumer knowledge grows, we could be heading for a white wine revolution in the country. During a session at this year’s Vinexpo Asia trade show entitled ‘Roundtable with Industry Titans: Insights into the Future of China’s Wine Market’, Xiao Pi, a Chinese wine influencer and e-commerce retailer based in Shanghai, noted that what white wines make up 40% of the wine sales on his e-commerce platform. Having launched the platform in 2018, Pi has seen the rise of white
This Article was originally published on The Drink Business - Wine
