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Wang also advocated the establishment of a regular cooperation mechanism to break new ground for IPR protection cooperation and make bigger contributions to the innovative development and economic prosperity of the Belt and Road countries.

In legislative affairs, tasks include promoting legislation with a holistic approach to national security, protection of intellectual property rights and key reform areas.

Sudheendra Kulkarni, ex-chairman of Observer Research Foundation, an Indian think tank, said the BRI is leading to a new type of globalization by remolding the global governance system to be more representative, inclusive, open and fairer.

Noting that the Belt and Road construction is beneficial to all people along the route, Vucic said the revival of the Smederevo steel plant served as a strong evidence that the Belt and Road Initiative contributed to an increase of jobs and economic growth in Serbia.

The average tariff rate for highly demanded products in domestic markets such as machinery and industrial instruments will be cut from 12.2 percent to 8.8 percent, textile and construction materials from 11.5 percent to 8.4 percent, paper and some other resource-based products and primarily processed goods from 6.6 percent to 5.4 percent.