The First Certificate of China-Maldives Free Trade Agreement is Born, Reducing Taxes by 24,600 RMB

Recently, the free trade agreement between China and the Maldives officially took effect. On the day the agreement went into effect, the Puyang Customs of Henan Province issued a certificate of origin for trichloroisocyanuric acid exported by Puyang Keliwei Chemical Co., Ltd. to the Maldives under the China-Maldives Free Trade Agreement. This certificate marks the birth of the nation's first preferential certificate of origin issued based on the China-Maldives free trade agreement.

It is understood that the Maldives is one of the earliest countries to join the Belt and Road Initiative, and China is also the first country to sign a bilateral free trade agreement with the Maldives. After the implementation of this agreement, Chinese enterprises will enjoy more favorable market access than those from other countries. The China-Maldives free trade agreement promises that the number of zero-tariff product categories and the proportion of trade volume both exceed 95%. The Maldives will eliminate tariffs on 97.3% of industrial products, while also removing tariffs on China's export advantages in agricultural and aquatic products such as flowers, vegetables, and processed fish products.

A relevant person from Puyang Customs pointed out that with this certificate of origin, the tariff rate on products exported by Puyang Keliwei Chemical Co., Ltd. to the Maldives drops from 15% to zero, resulting in a tax reduction of approximately 24,600 RMB for this export. The issuance of this certificate is just the beginning. In the future, Puyang Customs will focus on two aspects of work. First, it will strengthen the promotion of free trade agreement policies to ensure that more enterprises understand the preferential policies. Second, it will focus on key areas of the origin business, deeply promote reform and innovation, and comprehensively promote convenient measures such as self-service printing, intelligent review, and self-declaration to improve the efficiency of business processing for enterprises.