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The General Administration of Customs has revised the rules of origin under CEPA for Hong Kong
Category: Industry TrendsDate: August 18, 2024, 13:10Source: Shanghai Zhongshen International Trade Co., Ltd.
Home»Industry Trends» The General Administration of Customs has revised the rules of origin under CEPA for Hong Kong
In order to further promote economic and trade exchanges between the Chinese mainland and Hong Kong, in accordance with the relevant provisions of the Goods Trade Agreement under the Mainland and Hong Kong Closer Economic Partnership Arrangement, the General Administration of Customs has revised the origin criteria for HS Code 0902.30 in Annex 1 of Announcement No. 39 of the General Administration of Customs in 2022. The new criteria will come into effect on July 1, 2023.
The revised rules of origin state: (1) Processed from tea leaves. The main manufacturing processes include fermentation, rolling, drying, and blending; or (2) Regional value content calculated at 40% under the subtraction method or 30% under the addition method. This change aims to further promote economic and trade exchanges between mainland China and Hong Kong, providing clearer and more specific operational guidelines for bilateral trade.
The revision of this new origin standard not only helps to improve the efficiency of economic and trade exchanges between the Chinese mainland and Hong Kong but also helps to further enhance the economic and trade relations between the two sides, laying a solid foundation for future economic and trade development.