HAIKOU /China/, July 13. /TASS/. The free trade agreement between China and the Association of Southeast Asian Nations (ASEAN) has driven a trade growth in Hainan, China’s southernmost province, the Zhonggo Xinwenwang news portal reported, citing the local customs service.
According to it, in January-June, the relevant authorities in Haikou, the administrative center of Hainan, issued more than 1,400 certificates of origin for goods from the China-ASEAN free trade zone. The items are worth an estimated 1.22 billion yuan ($170 million), which is a 29.6% increase from the first six months of 2024.
This gives an impetus to expand “the circle of friends” of the Hainan free trade port. This is partly due to incentives that allow tariffs to be reduced or lifted. Consequently, companies operating on the island enjoy a `golden pass’ for exports, primarily rubber products and chemicals.
As an illustrative example, the news portal cites Hainan Yusheng Trading, a furniture exporter to Vietnam and Indonesia. The zero tariff on most of its products has significantly increased their competitiveness in the international market.
Statistics showed that, over the past six months, the Haikou customs service issued more than 7,200 certificates of origin for some 4.38 billion yuan (some $612 million) worth of goods, marking increases of на 6.3% and 21.9% respectively compared to the first six months of 2024.
The Comprehensive Regional Economic Partnership Agreement has played a major role in boosting trade in Hainan, the news portal specified. The document has enabled companies on the island to increase their exports of fish and tropical fruit to Australia, Japan and other high-income countries. The provincial government’s “individual approach” to businesses has reportedly strengthened the position of Chinese exporters through various preferences and benefits.