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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, marking a significant milestone in bilateral trade relations. This agreement allows Chinese exporters, including those in Shenzhen, to benefit from zero-tariff treatment on a wide range of goods when exporting to Peru, provided they obtain the China-Peru Free Trade Zone Certificate of Origin from the inspection and quarantine authorities.
This information was shared with reporters by the Shenzhen Inspection and Quarantine Bureau yesterday. The agreement is expected to boost trade between the two nations, as China and Peru have long-standing economic complementarities. Over the past few years, their trade relationship has grown rapidly, with China becoming Peru’s second-largest trading partner. In 2009 alone, bilateral trade reached $6.4 billion, reflecting the strong momentum in economic cooperation.
Shenzhen has emerged as a key player in this growing market. According to data from the Shenzhen Inspection and Quarantine Bureau, exports to Peru totaled $73.35 million in 2009, showing a year-on-year increase of 21%. This indicates that Shenzhen-based companies are increasingly tapping into the Peruvian market.
Under the new agreement, products such as toys, clothing, and electrical appliances will see the most significant benefits. For instance, toy imports into Peru will no longer be subject to the previous 9% tariff, effectively eliminating import duties. Similarly, clothing and electronic goods will also enjoy preferential tariff rates, making them more competitive in the Peruvian market.
To take advantage of these benefits, companies only need to register with the Shenzhen Inspection and Quarantine Bureau and submit the required documents, such as the "China-Peru Free Trade Zone Preference Application Form" and a copy of the commercial invoice. They can either apply for the certificate in person or online through the bureau’s official website. This streamlined process makes it easier for local businesses to access the benefits of the free trade agreement and expand their export opportunities.
Overall, the China-Peru Free Trade Agreement is opening up new avenues for Shenzhen’s exporters, helping them reduce costs, increase competitiveness, and strengthen their presence in the South American market.