On January 1, 2024, the China-Nicaragua Free Trade Agreement officially came into effect. On January 1, Linyi Customs issued a China-Nigeria Free Trade Agreement Certificate of Origin for a batch of tires exported to Nicaragua by Shandong Kaichi Lande Tire Co., Ltd. This is the first China-Nigeria Free Trade Agreement Certificate of Origin issued by Shandong Province. .

 "With this certificate of origin, the tariff rate for the tires we produce can be reduced from 10% to 9% after they arrive in Nicaragua. This batch of tires can receive a tariff reduction of more than 2,000 yuan when passing customs in Nicaragua. If we export 4 million yuan to Nicaragua in 2023, It is estimated that the sales volume will be RMB 40,000, and the tax will be saved by almost RMB 40,000 in the first year after the agreement takes effect.”

      It is understood that in the first year when the agreement comes into effect, 60% of products will be immediately reduced to zero tariffs. As tariffs continue to be reduced in the later period, the proportion of China and Nigeria's products with zero tariffs will eventually exceed 95%.

  After the agreement comes into effect, the preferential products will mainly include beef, shrimp, coffee, cocoa, etc. imported by my country from Nicaragua; and cars, motorcycles, batteries, photovoltaic modules, clothing and textiles, shoes, etc. imported by Nicaragua from my country.

Bi Haijun, director of the Qingdao Customs Tariff Department, said that the main beneficiary industries in Shandong Province are agricultural products, textiles, and the automotive industry including tires. According to estimates, in the first year after the agreement takes effect, Shandong companies can save about 20 million yuan in tariff costs.