Hainan export companies are active in applying for COOs. [Photo by Chen Yuancai/Hainan Daily]
The certificate of origin (COO), also known as the passport for international cargo, has become an important means for Hainan export companies to expand their markets, Hainan Daily reported on April 27.
A certificate signifying the manufacturing place of the exported cargo, the COO is of great significance in international trade as the importing countries will set a different tariff treatment based on the COO.
"Our company mainly exports chemical products to countries like Thailand, Vietnam, and Indonesia. With the ASEAN-China Free Trade Area Preferential Tariff COO launched by customs, we have seen fast clearance for our products," said Cao Xianglai, chairman of Hainan Zhongxin Chemical Co Ltd.
"We can make reservations to apply for a COO at any time even during the novel coronavirus (COVID-19) outbreak. We have applied for the COO between China and Pakistan to support the company's business development in Pakistan," added Cao.
Hainan companies have been active in applying for COOs. Hainan Port has issued a total of 1,845 COOs of various kinds from January to March this year and the number of COOs issued in March increased by 464.23 percent month-on-month.
It is expected that Hainan export companies can be exempted from 37.6 million yuan ($5.32 million) in overall tariffs in the first quarter of 2020 thanks to the COOs.
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