Ningbo enterprises jump on BRI wagon

In the first half of this year, Ningbo, located in Zhejiang province, issued a total of 67,000 certificates of origin for goods valued at $2.7 billion, which were exported to countries that have signed free trade agreements with China under the Belt and Road Initiative.

According to official statistics from Ningbo Customs, the number of certificates issued and the value of exports saw increases of 18.6 percent and 17.4 percent year-on-year, respectively.

The China-Ecuador Free Trade Agreement, which took effect on May 1, marks China's 20th free trade agreement with a foreign nation. Within just two months, Ningbo Customs issued 161 certificates of origin under this agreement, benefiting goods valued at $8.03 million.

Ningbo Beimeng Furniture Co Ltd became the first recipient of the certificate, waiving approximately $2,850 in tariffs on products such as barber chairs worth around $95,000.

Guo Aimin, the company's president, noted that import tariffs on his company's products like barber chairs sold to Ecuador will gradually decrease from 15 percent to zero over five years, significantly enhancing the competitiveness of its products.

Trade between Ningbo and Peru has also gained momentum. Recent statistics show that during the past six months, Ningbo Customs issued 2,794 certificates of origin under the China-Peru Free Trade Agreement.