On Dec. 21st, Yichang CIQ issued the first China and South Korea Free Trade Area Certificate of Original Products.

China and South Korea Free Trade Agreement (FTA) came into effect on Dec. 20th and Xinhui Trading Co., Ltd in Changyang became the first foreign trade enterprise which reaped the benefit from the agreement. The enterprise has been engaging in aquatic product trades to the South Korea for decades and the exported products according to the FTA, were live carps that worth $24,000 at the tax rate 10%, and the duty is bound to be gradually reduced to zero within 20 years.

The enterprises in the district exported goods to the South Korea mainly on the basis of the Asia-Pacific Trade Agreement, which covers more than a thousand kinds of products. After the effect of the agreement, the figure is bound to amount to more than 10 thousand.

In the year 2015, the Municipal Inspection and Quarantine Bureau issued 195 Asia-Pacific Certificates of Original Products to the South Korea, which worth $15 million. After implementation of the China-South Korea Free Trade Agreement, it is estimated that the China and South Korea Certificates of Original Products will increase to 150%, which indicates a significant effect on economy.

The Certificate of Original products is a document issued by the specific authority of the export countries (or region) to prove the origin of export products. The certificate has always been regarded as one of the bases for taxation and one of documents permitting import products. (Correspondent Lei Lihua; Reporter Gao Wei)