How will the China – Australia Free Trade Agreement affect importers
How will this affect Import Duty Rates?
Under ChAFTA, import duty on some commodities will drop to 0% immediately, but there are also certain commodities that will have their import duty rate phased out over the next 3 to 5 years.
This means that not all products will necessarily benefit from ChAFTA immediately but there will definitely be long term benefits for all importers.
What are the requirements to claim?
In order to claim the preferential duty rates under ChAFTA you will need a Certificate of Origin (COO) which your Chinese supplier should be able to source from one of the following official organisations in China:
- AQSIQ (General Administration of Quality Supervision, Inspection and Quarantine); and
- CCPIT (China Council for the Promotion of International Trade).
Please do not hesitate to contact Bollinger Shipping Agency for more specific information or to find out exactly how ChAFTA will affect your business.