In January 2018, Xiamen export enterprises re-dividend
According to the news from the Ministry of Commerce, the China-Georgia FTA has completed its domestic approval process and will come into effect on January 1, 2018. The agreement was launched in December 2015 and formally signed in May 2017. It is the first free trade agreement started and reached by China after the "Belt and Road Initiative" was put forward.
Since the entry into force of the China-Georgia FTA, Georgia will impose zero tariffs on 96.5% of China's products immediately. The covered commodities account for about 99.6% of Georgia's total imports from China. My country will realize zero tariffs on 93.9% of Georgia's products, covering about 93.8% of China's total imports from Georgia.
In recent years, the trade between our country and Georgia has been developing rapidly and the trade scale has been continuously expanded. The scale of bilateral trade increased from 774 million U.S. dollars in 2012 to 815 million U.S. dollars in 2016, an increase of 1.3% annually. China imports from Georgia products to wine, fruit juice and other agricultural products, as well as minerals, textiles and clothing products and other industrial products. Georgia imports its products mainly from industrial products, with the largest share of electronic and mechanical products, accounting for 33.63% of the total imports by Georgia from China.
In 2016, the total import and export volume of Xiamen enterprises to Georgia was 7.16 million U.S. dollars. The main export products were stone products, cans and shoes, etc. The main products imported were alcohol. According to the tariff reduction list, after the entry into force of the agreement, tariffs on the exports of traditional products of Xiamen enterprises such as stone, canned food, fruit and vegetables into Georgia will be reduced directly from 12% to zero. The average tariff of China's wine imported from Georgia will be reduced from 14% to zero and the tariffs of other spirits will also vary from 2% to 40%. Xiamen, as the third largest port of imported wine in the country, will also benefit from it. Preliminary estimates, after the formal implementation of the China-Georgia Free Trade Agreement, Xiamen enterprises will save nearly 3 million yuan in tariff each year, of which stone, canned products benefit over 1 million yuan.
In addition, Georgia is an important node in the "Silk Road Economic Belt." It has signed a free trade agreement with eight CIS countries such as Russia and Turkey. Georgia has a sound legal system and has become a strong destination for attracting foreign direct investment . Xiamen enterprises can enter Georgia and other CIS markets northward through Georgia, enter the Turkish market to the south, enter the EU market westward and expand the breadth and depth of "going global".
After the entry into force of the China-Georgia Free Trade Agreement, export-oriented enterprises in Xiamen will usher in a new round of development opportunities, boosted by the "dividend" policy of the FTA. Xiamen Inspection and Quarantine Bureau reminds exporters that when exporting to Georgia, they should pay close attention to the implementation of the FTA in a timely manner, make full use of the policy of origin, apply for a certificate of origin, fully enjoy the tariff reduction and exemption, take more favorable opportunities and enhance their international competitiveness , Expanding its share of exports to Georgia.