One week after the implementation of the China-Korea-China-Australia Free Trade Agreement, Hangzhou textile companies became the “big winners”
“The benefits brought by the China-South Korea and China-Australia free trade agreements are real, and the benefits given are visible.” Looking at the textile export orders that were completed one after another, Zhejiang Xinda Group Co., Ltd. Staff member Chen Bo praised.
Since the implementation of the China-South Korea and China-Australia Free Trade Agreements on December 20, 2015, it has been “popular” among enterprises, and the number of certificate of origin visas has continued to increase.
On December 16, according to the latest statistics from the Hangzhou Inspection and Quarantine Bureau, since the first anniversary of the implementation of the agreement, the Hangzhou Inspection and Quarantine Bureau has issued a total of 10,500 and 18,100 certificates of origin for the China-Korea and China-Australia Free Trade Agreements, respectively. US$380 million and US$390 million, companies can reduce import tariffs of approximately US$46 million with certificates of origin.
Affected by the economic downturn in the world’s major markets, China’s traditional textile and garment export enterprises that once relied on low prices and labor-intensive prosperity are even more crisis-ridden and struggling. Against this background, the China-South Korea and China-Australia free trade agreements have had a profound impact on traditional Textile companies bring good news.
The reporter learned that judging from the products issued by the Hangzhou Inspection and Quarantine Bureau, textile companies have benefited the most from the China-Australia Free Trade Agreement.
Zhejiang Xinda Group Co., Ltd. is a beneficiary of the China-Australia Free Trade Agreement.
Chen Bo explained: “One of the current problems in textile exports is that labor costs remain high, making it difficult to compete with Southeast Asian countries.” However, with the implementation of the China-South Korea and China-Australia free trade agreements, she said that the company The proportion of textiles such as sweaters exported to Australia and South Korea has shown a significant upward trend. “After tax cuts, the competitiveness of enterprises has been strengthened.”
Indeed, textile products have always been a traditional industry in Hangzhou. In recent years, the export trend has weakened due to the impact of raw materials and labor costs. However, after the implementation of the China-Australia Free Trade Agreement, according to the China-Australia tax reduction process, some textile products have had their taxes reduced. The range ranges from 4-7%, and some have been reduced to zero tariffs, which has greatly promoted the development of the textile industry.
According to statistics, the number of visas for textile products exported to Australia from Hangzhou accounts for 30.2% of the total number of visas to Australia. The number of visas and the amount of visas were 34 times and 49 times that of the same period last year respectively.
At present, the China-Korea Free Trade Agreement certificate of origin products issued by the Hangzhou Inspection and Quarantine Bureau are mainly concentrated in organic chemicals and mechanical and electrical products. Among them, organic chemicals account for 23.1% of the total number of certificates. The tax reduction rate for such products Ranging from 0.6-6.5%. The first anniversary of the implementation of the China-Korea-China-Australia Free Trade Agreement, Hangzhou textile companies become the “big winners”
AAA
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