Certificates of origin benefit Shenyang businesses

Shenyang's entry-exit inspection and quarantine bureau issued some 984 copies of preferential certificates of origin (C/O) for Shenyang-based businesses conducting foreign trade with Switzerland over a three-year period, Xinhua reported.

The issued copies of the certificates involve exported goods worth $1,563.8 million, and all of the exported goods qualified for a total of $781,900 in tariff exemptions, saving money for businesses.

The primary goods exported to Switzerland are steel products, mechanical appliance and artware.

Statistics from Shenyang entry-exit inspection and quarantine bureau reveal that in the first eight months of 2017, the bureau issued 444 copies of preferential certificates of origin (C/O) with exported goods worth $5.60 million, representing a growth of 148.04 percent and 44.41 percent respectively compared with the same period in 2016.

The achievements attribute to the Sino-Switzerland Free Trade Agreement (FTA). The FTA, signed in Beijing on July 6, 2013, after nine rounds of negotiations of more than two years, is the first free trade pact inked between China and a European country.

Businesses also significantly benefit from the work of the bureau, as it makes preferential C/O applications for them, which has helped exporters seek maximum advantage conducting multilateral trade and increased their competitiveness in international markets.

Certificate of origin (C/O)

In printed form or as an electronic document, the Certificate of Origin is used in international trade to affirm that exported goods have been produced, manufactured and processed in a particular country. Such certificates are instrumental in proving goods of a certain origin fall within the framework of bilateral or multilateral free trade agreements (FTA) and other preferential tariff treaties.