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International News / Press Releases / September 22, 2008 Himfr.com: New Zealand's Wool Imports Duty-Exempt from October |
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BEIJING, Sept. 22 /Xinhua-PRNewswire/ -- Himfr.com ( http://www.himfr.com/ ) reports that China's Ministry of Finance has issued a circular that from October 1, this year, products that originate from New Zealand under the 'Rules of Origin' agreement will enjoy tariff cuts through the China-New Zealand Free Trade Agreement tax rate. Some products, including wool and wool products ( http://www.chinaqualitycrafts.com/products ) will implement tariff quota management and also a tariff rate quota of zero.
The new tax rate is down 20%, compared with the original. According to Dr. Lee Chung-min from the Chinese Academy of Social Sciences Institute of World Economics and Politics, "For wool products, implementing zero tariff will reduce raw material ( http://www.chinaqualitycrafts.com/wholesale/ ) costs for textile enterprises." He commented that, given the current difficulties in the Doha talks, any bilateral agreement is beneficial for China.
On the tax abatement ( http://www.chinaqualitycrafts.com/on-sale/ ), Dr. Lee said, ''China should not present too many worries, because China's trade will not be affected, and the ability to export is very strong now.''
SOURCE Himfr.com
International News / Press Release source: PR Newswire
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