Zheng Guowei, a member of the Expert Committee of the China Machinery Industry Federation, recently published an article on the reciprocal tariffs between China and the six ASEAN countries. It is pointed out that it is necessary to fully grasp this important business opportunity and expand exports to ASEAN. This should be highly valued by our bearing industry.
The Chinese government and the 10 ASEAN countries signed the China-ASEAN Free Trade Area (CAFTA) Agreement on Trade in Goods and the Agreement on Dispute Settlement Mechanism (hereinafter referred to as the Agreement). The agreement stipulates that from July 2005, both parties will implement tax reduction for 7,000 tax items, preferential tariff treatment for products originating in China and ASEAN, and customs clearance of goods at the rate of free trade zones.
The agreement stipulates that China will cancel tariffs on most of its products in 2010 and Brunei, Indonesia, Malaysia, the Philippines, Singapore and Thailand, and establish a free trade zone. New members of the four ASEAN countries in Cambodia, Laos, Myanmar and Vietnam will achieve free trade with China in 2015.
At present, Brunei, Malaysia, Myanmar and Singapore have completed the domestic approval process for the Agreement on Trade in Goods. Indonesia and Thailand will also complete the approval process for the agreement in the near future. China and the above six countries have granted preferential tariff treatment to each other since July 20; the Philippines, Cambodia, Laos and Vietnam will grant preferential tariff treatment to China after completing the domestic approval process.
China's import tariffs on machinery products are lower than those of the six ASEAN countries that have completed the approval process for the Agreement on Trade in Goods, lower than Malaysia and Thailand, and higher than the other four countries. According to the agreement, the four ASEAN countries that have not completed the approval process will gradually reduce their taxes. The large-scale tax reduction will be in 2009, while China and Malaysia and Thailand will face a large tax reduction from July 20, 2005. .
According to the customs tax number, there are 214 kinds of major tax reductions for major machinery products in China and ASEAN. The parties in the free trade zone jointly implement the same tax rate (hereinafter referred to as the agreed tax rate), of which 39 are in the machine tool industry. Machine tool accessories, including machine tools, including bearings, etc. are 5%, which is 1-3 percentage points lower than the current tax rate in China.
The first batch of ASEAN 6 countries reduced import tariffs, providing an opportunity for China's exports of machinery products. We must fully grasp this important business opportunity and expand exports, especially for Malaysia, Singapore, Thailand, Indonesia, the Philippines, Vietnam and other countries with good prospects.
When you export, you should pay attention to fill out and obtain the Certificate of Origin (Form E) before you can enjoy tax reduction and exemption. Chinese enterprises can apply for the certificate of origin at the AQSIQ and its local inspection and quarantine bureaus.
At the same time, due to the reduction of China's import tariffs on ASEAN, we must also pay attention to the situation of importing mechanical products from ASEAN, analyze the possible impacts on which enterprises in China, and take timely measures. From July 20th, China Customs will use the certificate of origin issued by the designated institutions of the six ASEAN countries to levy and check the tax at the agreed rate.
The authenticity of this information has not been confirmed by the international electrical network, for your reference only.
The Chinese government and the 10 ASEAN countries signed the China-ASEAN Free Trade Area (CAFTA) Agreement on Trade in Goods and the Agreement on Dispute Settlement Mechanism (hereinafter referred to as the Agreement). The agreement stipulates that from July 2005, both parties will implement tax reduction for 7,000 tax items, preferential tariff treatment for products originating in China and ASEAN, and customs clearance of goods at the rate of free trade zones.
The agreement stipulates that China will cancel tariffs on most of its products in 2010 and Brunei, Indonesia, Malaysia, the Philippines, Singapore and Thailand, and establish a free trade zone. New members of the four ASEAN countries in Cambodia, Laos, Myanmar and Vietnam will achieve free trade with China in 2015.
At present, Brunei, Malaysia, Myanmar and Singapore have completed the domestic approval process for the Agreement on Trade in Goods. Indonesia and Thailand will also complete the approval process for the agreement in the near future. China and the above six countries have granted preferential tariff treatment to each other since July 20; the Philippines, Cambodia, Laos and Vietnam will grant preferential tariff treatment to China after completing the domestic approval process.
China's import tariffs on machinery products are lower than those of the six ASEAN countries that have completed the approval process for the Agreement on Trade in Goods, lower than Malaysia and Thailand, and higher than the other four countries. According to the agreement, the four ASEAN countries that have not completed the approval process will gradually reduce their taxes. The large-scale tax reduction will be in 2009, while China and Malaysia and Thailand will face a large tax reduction from July 20, 2005. .
According to the customs tax number, there are 214 kinds of major tax reductions for major machinery products in China and ASEAN. The parties in the free trade zone jointly implement the same tax rate (hereinafter referred to as the agreed tax rate), of which 39 are in the machine tool industry. Machine tool accessories, including machine tools, including bearings, etc. are 5%, which is 1-3 percentage points lower than the current tax rate in China.
The first batch of ASEAN 6 countries reduced import tariffs, providing an opportunity for China's exports of machinery products. We must fully grasp this important business opportunity and expand exports, especially for Malaysia, Singapore, Thailand, Indonesia, the Philippines, Vietnam and other countries with good prospects.
When you export, you should pay attention to fill out and obtain the Certificate of Origin (Form E) before you can enjoy tax reduction and exemption. Chinese enterprises can apply for the certificate of origin at the AQSIQ and its local inspection and quarantine bureaus.
At the same time, due to the reduction of China's import tariffs on ASEAN, we must also pay attention to the situation of importing mechanical products from ASEAN, analyze the possible impacts on which enterprises in China, and take timely measures. From July 20th, China Customs will use the certificate of origin issued by the designated institutions of the six ASEAN countries to levy and check the tax at the agreed rate.
The authenticity of this information has not been confirmed by the international electrical network, for your reference only.
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