China Brazil Free Trade Area Service Trade Agreement Protocol For Banking Services Signed

The government of People's Republic of China and

The protocol on banking services in the free trade area of the Islamic Republic of China (hereinafter referred to as the protocol) entered into force in November 11, 2015 after completing the respective internal examination and approval procedures of China and Brazil.

"

The entry into force will further improve CMB

The liberalization level of service trade provides more financing convenience for enterprises of both countries, and provides guarantee for the smooth implementation of major projects such as China Pakistan Economic Corridor.

The protocol was signed on April 20, 2015 by Chinese President Xi Jinping during his state visit to Pakistan. Gao Hucheng, Minister of Commerce of China and Gao Hucheng Graham, Minister of Commerce of Pakistan, signed the two governments together on behalf of the two governments.

Related links:

According to the Ministry of finance of Vietnam, the TPP agreement has a number of financial commitments, including import and export tariffs, financial services and customs related commitments.

Regarding the import tariff part, Vietnam will submit the same tariff reduction commitment to all Member States of TPP. After the effective implementation of TPP, more than 65% of the import duties will be abolished, and 98% will be abolished in 10 years. The rest of the goods will have a tariff concession period of 10 years or a tariff quota applicable.

Vietnam pledged to cancel import duties immediately after the implementation of the TPP agreement, including live animals, feedstuffs, some dairy products, grains, rice, leather and leather products, rubber and rubber products, plastics, pharmaceuticals, pesticides, chemical raw materials, minerals, some paper, textile and garment materials, leather shoes, all kinds of cotton fabrics, textile garments, fertilizers, perfume, cosmetics, machinery and equipment, indoor furniture, wood and wood products, musical instruments, iron and steel products, electronic components, etc.

In the fourth years after the effective implementation of TPP, the import tariff products included biscuit candy, tea and coffee, sweet corn, clocks, household goods, sewing machines, generators, decorations, building materials, milk, machinery, plastic and plastic products, electronic products, etc.

In the sixth years after the effective implementation of TPP, the import tariff items include vegetable oil, fruit and vegetable products, and some rubber products.

In the eighth years after the effective implementation of TPP, the import tariff items include bicycles, locomotives and other components, auto parts, biscuits, sweets, aquatic products, animal and vegetable fat, fruits and vegetables, steel, bicycles, special vehicles and so on.

In the tenth, eleventh years after the effective implementation of TPP, the import tariff items include various kinds of meat, beer and liquor, sugar, eggs, salt, oil, automobile, steel, automobile parts, steel embryos, tires and so on.

On the part of the export tax, Vietnam has committed to cancel export tariffs on most of the products currently being applied for export duties within 5 to 15 years after the effective implementation of TPP.

Export duties are still maintained in a number of important products.

In terms of customs clearance, the TPP agreement also proposes simplification and harmonization of customs formalities, which provides the most convenient conditions for importers and exporters, including the procedures for the delivery of goods, pre determination requirements, origin certification mechanism, origin supervision mechanism, import and export commodity risk management system, and the time of customs clearance.

In addition, the TPP agreement also stipulates the origin certification mechanism in checking and identifying the origin of import and export commodities.

Accordingly, the manufacturer can declare the origin of his product by himself (according to the current regulations, the manufacturer shall submit the certificate of origin to the customs unit for the issuance of the certificate of origin issued by the competent authority of the exporting country).

In terms of financial services, its commitments include the commitment to expand market liberalization and pparency system (investment project management services, financial information flow and provision, additional securities services, enhanced pparency), investment protection (effective and clear dispute resolution mechanism), permissible exception cases.