This photo taken on Nov. 6, 2023 shows a booth of Nicaragua at the 6th China International Import Expo (CIIE) in east China's Shanghai. (Xinhua/Gao Wei)
BEIJING, Jan. 11 (Xinhua) -- Zhengding Customs under the Shijiazhuang Customs in north China's Hebei Province issued a Certificate of Origin for a batch of pesticides exported to Nicaragua by Hebei Veyong Bio-Chemical Co., Ltd. on January 4, 2024. With this certificate, the company can enjoy a tariff reduction of about 15,000 yuan from the importing country.
This marks the first China-Nicaragua Free Trade Agreement (FTA) Certificate of Origin issued by the province since the FTA between both countries officially took effect on January 1 this year.
"Nicaragua is a newly explored overseas market for our company. Under the guidance of the customs, we applied for the Certificate of Origin and enjoyed the 'zero tariff' benefits, which is very helpful in enhancing the competitiveness of our products in the Latin American market," said Gao Yu, manager of the foreign trade department of the company.
The FTA between China and Nicaragua become effective on Jan. 1, 2024. About 60 percent of goods in the bilateral trade will be exempt from tariffs upon the FTA taking effect, and the tariffs on over 95 percent will gradually be reduced to zero.
Chinese exports such as automobiles, batteries, clothing textiles, and agricultural products will see a gradual reduction and elimination of tariffs when entering the Nicaraguan market, and Nicaraguan products like beef, shrimp, coffee, and cocoa will also have their tariffs gradually reduced to zero when entering the Chinese market.
(Edited by Tian Shenyoujia with Xinhua Silk Road, tianshenyoga0524@163.com)
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