This is a severe test for my country’s foreign trade industry. If you lose the preferential country status, the tariffs on exported products to relevant countries may double or even triple, which will have a greater impact on labor-intensive industries.
This is a severe challenge for us. The way forward lies in front of us, with industrial upgrading and technology promoting economic development. This is probably part of the so-called middle-income trap. If you get over it, the sky will be brighter. Technology is the primary productive force!
Introduction
According to a notification from the Eurasian Economic Commission, starting from October 12, 2021, the Eurasian Economic Union will cancel the GSP treatment for China’s goods exported to the Eurasian Economic Union. Goods from alliance member states will no longer enjoy GSP tariff preferences. From the same date, the customs will no longer issue GSP certificates of origin for goods exported to Russia, Belarus, and Kazakhstan.
In the past, according to the Generalized System of Preferences program of the Eurasian Economic Commission, the alliance granted tariff preferences to China’s exports of meat and meat products, fish, vegetables, fruits, some raw material commodities and primary processing products. Goods in the list exported to the Union are exempt from import duties of 25% based on their tariff rates.