The preferential certificate of origin (C/O) has seen rapid growth in the January-May period as trade opportunities increased greatly after the implementation of the Wuxi China-South Korea Free Trade Area, Chinanews.com reported on June 1.
Products exported to South Korea by Wuxi-based enterprises cover 12 categories and 43 varieties, including chemicals, machinery, steel products, textiles and plastics, which can reach an average tax reduction of up to 6.75 percentage points.
Officials from the Wuxi entry-exit inspection and quarantine bureau said that the bureau has taken measures such as policy explications and field investigations to facilitate local enterprises to make the most of the preferential policies for the China-South Korea Free Trade Area, bring out their comparative strengths, and expand two-way exchange and cooperation. The bureau will also provide efficient services in enterprise applications for certain certificates.
The bureau has issued 1,886 certificates on China-South Korea free trade, involving 441 million yuan ($67 million). Export enterprises will receive a tariff concession of $3.4 million based on a reduction ratio of 5 points.