Serbia continues to strengthen its relations with China. Belgrade seeks to expand the circle of its international partners, while continuing the process of integration into the European Union.
Strategic Unity
On 8 May 2024, Serbia became the first European country to sign an agreement with China to establish a “community of shared destiny”. This step strengthened bilateral relations, going beyond the previous comprehensive strategic partnership. According to Chinese President Xi Jinping, the agreement is a symbol of the high level of mutual trust and deep cooperation between Serbia and China.
Provisions of the Agreement
The agreement on the “community of shared destiny” opens up opportunities for Serbia to strengthen economic ties with China, including trade and Chinese investment in key infrastructure projects such as transport and energy.
The agreement represents a significant increase in Serbia’s exports, although the trade deficit with China continues to increase; the deficit is ‘$316.5 million’ over the same period. Despite some complications, the European Union remains Serbia’s largest trading partner, accounting for about 60% of the country’s foreign trade.
Chinese Investments
Chinese investments are part of the Serbian economy. One of these is the Belgrade-Budapest railway, which is being carried out by Chinese companies. Linglong International also invested in the construction of a tire factory in Zrenjanin.
However, such initiatives often attract criticism, in particular due to violations of labour rights and non-compliance with environmental standards.
Cooperation on Defence and Security
Relations between Serbia and China also cover defense.
Serbian President Aleksandar Vučić noted cooperation in the field of security and defence. The Serbian President expressed gratitude to President Xi Jinping for the support provided and confirmed that he would be glad to further develop these relations, as well as to expand projects.
Serbia is actively strengthening ties with China, allowing the country to diversify its international partnerships. Despite the significant role of Chinese investment, such projects sometimes attract criticism due to environmental and labour standards. The European Union, which remains Serbia’s largest trading partner, is watching Belgrade’s rapprochement with Beijing with caution, considering it a step that could complicate the process of European integration.
Although Serbia is outside the EU, Brussels’ has a keen interest in it’s Southern Neighbourhood, across the Balkans, since the Bosnian crisis and possible accession plans. Too much Chinese investment, intersects with energy and logistics, compromising the EU’s drive to energy independence at a time when the EU is weaning itself off Russia and by default: China.
Stay tuned to Daily Euro Times for the latest insights!
Explore more articles:
Tech Titans: The US-China Rivalry Shaping Our Future
Water Wars: American Corporations Buying Up Canada’s Water
From Hollywood to the Garage: the Role of Content Creators
