NANNING, CHINA, Radar Seluma.Disway.Id, - With the barrier gate for customs release lifted, 6 tonnes of blended yarn was imported tariff-free to China through Dongxing, a border city in south China's Guangxi Zhuang Autonomous Region.
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The yarn was produced in a Vietnamese production line of the cotton yarn production giant Texhong International Group Limited and will be further processed to produce fabrics in China.
Chen Yingjian, a business manager of the company in charge of cargo imports in Dongxing, said the company has benefited from the preferential tariff policies under the China-ASEAN Free Trade Agreement (CAFTA) implemented in 2010, while the Regional Comprehensive Economic Partnership (RCEP) has further lowered their duty costs.
Among all the goods for which the company declared duty with Dongxing Customs, the value of those that were granted tax breaks amounted to 2.5 million U.S. dollars in the first eight months this year, according to Chen.
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Connected by both land and sea, China and the Association of Southeast Asian Nations (ASEAN) have enjoyed ever-growing trade ties over the years, with the CAFTA and the RCEP helping cut trade costs and boost supply chain construction between China and ASEAN.