August 27, 2019

New upgraded version of ASEAN-China Free Trade CO issued

On August 20, a new upgraded version of ASEAN-China Free Trade Certificate of Origin (CO) began to be issued, which is aimed at improving the business environment of foreign trade ports and promote trade facilitation.

Altogether 487 certificates, totaling US$29.27 million, were issued by Shanghai Customs on that day, reducing import tariffs totaling US$1.46 million.

The new version of the certificate of origin between China and the ASEAN lifts the restrictions on the number of goods varieties, clarifies the standards of their origin and simplifies the issuance procedures.

China has been the largest trading partner of the ASEAN for 10 straight years. From January to July, Shanghai Customs issued 75,000 COs totaling goods worth US$3.913 billion, up 11.97 percent and 1.77 percent year-on-year, respectively.