ECFA certificates of origin reduced over 4 mln yuan of tariffs for Ningbo businesses
- Details
- Category: Ningbo Business
- Published: Thursday, 19 January 2012 18:10
Since inspection and quarantine departments began to issue ECFA certificates of origin on Jan. 1, 2011, Ningbo Entry-Exit Inspection and Quarantine Bureau has issued 838 certificates, involving a total amount of 25.46 mln dollars and saving a sum of over 4 mln yuan tariffs. The certificates receivers are mainly in such sectors as light industry, chemical industry, fitness equipments and electromechanical devices.
ECFA is a preferential trade agreement between mainland China and Taiwan that aims to normalize the economical ties between the two sides. The pact, signed on June 29, 2010, covered all the economic exchanges across the Taiwan Strait. And the "early harvest" list of tariff concessions covered about 800 products, with the promise to reduce all the tariffs to zero in three years.
Last year, Ningbo Entry-Exit Inspection and Quarantine Bureau made great efforts in encouraging trading businesses to take advantage of the preferential policies. According to ECFA, the second round of tariff concession of the products listed in the “early harvest” program would take effect on Jan. 1, 2012. From that day on, the tariffs of over 94% of all the products on the "early harvest" list would be reduced to zero, and tariffs of 30 products that had tariffs of over 15% before would be reduced to 5%. As a result, import and export businesses are highly recommended to make use of the preferential policies to decrease costs and increase competitiveness in trading with Taiwan.
