The China Council for the Promotion of International Trade and local agencies recently launched the issuance of the China-Pakistan Free Trade Agreement Certificate of Origin. On the first day, a total of 26 China-Pakistan Free Trade Agreement Certificates of Origin were issued for 21 companies in 7 provinces and cities including Shandong and Zhejiang, mainly related to machinery and electronics. Products, textiles, chemical products, etc., involve an export value of 940,000 U.S. dollars, and it is expected that a total of 51,000 U.S. dollars in tariff reductions and exemptions for enterprises exported to Pakistan will be achieved.
According to the tariff reduction arrangements for the second phase of the China-Pakistan Free Trade Agreement implemented in 2020, Pakistan has implemented zero tariffs on 45% of the tax items, and will gradually implement zero tariffs on 30% of the tax items in the next 5 to 13 years. From January 1, 2022, a partial tax reduction of 20% will be implemented on 5% of tax items. The China-Pakistan Free Trade Agreement Certificate of Origin is a written certificate for my country’s export products to enjoy tariff reduction and other preferential treatment in Pakistan. Enterprises can apply for and use the certificate in time to enjoy tariff reduction and exemption in Pakistan, effectively improving the competition of export products in the Pakistani market force.
In the first 10 months of this year, the China Council for the Promotion of International Trade issued a total of 26% year-on-year increase in the number of certificates of origin under free trade agreements and preferential trade arrangements for Chinese enterprises, involving an export value of US$55.4 billion, a year-on-year increase of 107%, at least for Chinese enterprises exporting goods Tariffs were reduced and exempted by US$2.77 billion abroad.
Post time: Dec-09-2021