Hunan enjoys tariff reductions on exports to Maldives
2025-01-09
Starting from January 1, the Free Trade Agreement between the Government of the People’s Republic of China and the Government of the Republic of Maldives came into effect. The vast majority of industrial products such as ships, electrical equipment, and furniture exported from China to Maldives, as well as agricultural products like vegetables and fruits will benefit from this agreement. The vast majority of aquatic products from Maldives exported to China will also enjoy zero tariff treatment.
In the field of goods trade, the agreement has achieved high-level tariff reductions, with both parties committing to both the rates of tariff items of zero-tariff products and trade volume exceeding 95%. Among them, the tariff items that account for 91.1% of China’s and 70.3% of Maldives’s are immediately eliminated as soon as the agreement takes effect.
According to customs statistics, the main export commodities from Hunan Province to Maldives include steel products, furniture and parts, construction machinery, ships, etc. Taking centrifugal pumps as an example, the benchmark tax rate implemented by Maldives is 20%, and tariffs are exempted from the effective date of the agreement. Based on the export value of 5.5061 million yuan in 2024, it is estimated that Maldives will enjoy a tariff reduction of 1.2013 million yuan in 2025.
Chinese source: voc.com.cn
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