Illustrative image (Photo: VNA)Hanoi (VNA) – The Ministry ofIndustry and Trade has announced amendments to the rules of origin under theASEAN-China Free Trade Agreement (ACFTA), which will take effect on September12.
Commodities are considered having clearorigins only if they are wholly produced from materials with traceable origins.
Aside from the regional value content(RVC), the general rule also applies the change in tariff classification (CTC)at 4-digit, De Minimis rule, identical and interchangeable materials.
Regarding processing time for tracingorigin, in case certificate of origin (CO) issuing authority of exportingcountries do not respond within 90 days after receiving importers’ request forconfirming origin, the authority may submit documents to extend the deadline tothe next 90 days.
In addition to the general rule, theproduct specific rule (PSR) was built on the Harmonised System (HS) 2017, whichadded origin criteria for various goods.
Ministers of members of the Association ofSoutheast Asian Nations (ASEAN) and China signed the protocol to amend theACFTA in Malaysia in November 2015.
Following the signing of the protocol,member nations continue their talks on the PSR and carry out the transpositionto HS2017 of the PSR.
Since the ASEAN-China Free Trade Area was formed in 2010, two-way trade has posted an annual average growthrate of nearly 20 percent.-VNA
Commodities are considered having clearorigins only if they are wholly produced from materials with traceable origins.
Aside from the regional value content(RVC), the general rule also applies the change in tariff classification (CTC)at 4-digit, De Minimis rule, identical and interchangeable materials.
Regarding processing time for tracingorigin, in case certificate of origin (CO) issuing authority of exportingcountries do not respond within 90 days after receiving importers’ request forconfirming origin, the authority may submit documents to extend the deadline tothe next 90 days.
In addition to the general rule, theproduct specific rule (PSR) was built on the Harmonised System (HS) 2017, whichadded origin criteria for various goods.
Ministers of members of the Association ofSoutheast Asian Nations (ASEAN) and China signed the protocol to amend theACFTA in Malaysia in November 2015.
Following the signing of the protocol,member nations continue their talks on the PSR and carry out the transpositionto HS2017 of the PSR.
Since the ASEAN-China Free Trade Area was formed in 2010, two-way trade has posted an annual average growthrate of nearly 20 percent.-VNA
VNA
