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The China-Ecuador Free Trade Agreement will take effect in May, and shrimp import tariffs will be reduced to zero

According to an announcement by the Ministry of Finance on April 23, as agreed by China and Ecuador, the Free Trade Agreement between the Government of the People's Republic of China and the Government of the Republic of Ecuador will come into effect mutually on May 1, 2024. In order to fulfill the relevant commitments on tariff concessions, starting from May 1, 2024, the agreed tariff rates will be implemented on some imported goods originating in Ecuador.

Among them, the import tariff of frozen other small shrimps and prawns and shrimp products (HS code: 03061730) is reduced to 0%; the tariff of frozen other small shrimps and prawns (HS 03061790) is reduced to 4.5%, and the most-favored nation tax rate is 5%.

In 2024, China will implement a tentative tax rate of 2% on imported frozen shrimp products (HS 03061790); a most-favored-nation tax rate of 7% on frozen shrimp products (03061730).

In the first quarter of this year, China imported 249.9 tons of shrimp from Ecuador, a significant decrease from 650.0 tons in the same period last year; the import value was approximately US$1.02 million, down from US$2.996 million in the first quarter of last year.


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