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Toys and other craft products can enjoy zero tariff
On March 1, 2010, the China-Peru Free Trade Agreement officially came into effect, offering significant benefits for exporters. Products such as toys, when exported to Peru, can now qualify for zero tariffs by obtaining the China-Secretariat FTA certificate issued by the inspection and quarantine authorities. This information was shared with reporters by the Shenzhen Inspection and Quarantine Bureau yesterday.
It is widely recognized that China and Peru have strong economic complementarities, leading to a rapid development of their trade relations in recent years. China has become Peru's second-largest trading partner, with bilateral trade reaching $6.4 billion in 2009. Additionally, Peru has emerged as a promising export market for Shenzhen. According to statistics, the Shenzhen Inspection and Quarantine Bureau processed over $73.35 million worth of exports to Peru in 2009, marking a 21% year-on-year increase.
With the implementation of the agreement, Shenzhen-based companies are expected to benefit significantly from the preferential tariff treatment. Key products such as toys, clothing, and electrical appliances will see substantial reductions in import duties. For instance, toy imports into Peru will now face zero tariffs, down from a previous rate of 9%. Clothing and electrical goods will also enjoy more favorable tariff conditions, making them more competitive in the Peruvian market.
To take advantage of these benefits, businesses need to register with the Shenzhen Inspection and Quarantine Bureau. They must complete the "China-Peru Free Trade Zone Offers" application form and submit necessary documents such as a commercial invoice. Once registered, companies can apply for the China-Peru FTA certificate either in person or through the bureau’s official website, ensuring smoother access to the Peruvian market.