According to news from the Ministry of Commerce of China on the 28th, the early harvest of the China-Nicaragua Free Trade Agreement will come into effect on May 1, 2023. At that time, the two sides will cancel import tariffs on some products.
From April 26 to 28, the third round of negotiations on the China-Nicaragua Free Trade Agreement was held in Beijing. According to the Ministry of Commerce, the two sides conducted in-depth consultations on important issues such as trade in goods, cross-border service trade, investment, intellectual property rights, sanitary and phytosanitary measures, achieved positive progress, and reached a consensus on the next work arrangement.
At the same time, China and Nigeria jointly announced that the "Arrangement between the Government of the People's Republic of China and the Government of the Republic of Nicaragua on Free Trade Agreement Early Harvest" will come into effect on May 1.
According to the early harvest, China and Nigeria decided to choose some products that the industry circles of the two countries have export concerns and consumers have strong demand for, to reduce tariffs in the fastest way, and to open their markets to each other first, so that enterprises and consumers of the two countries can enjoy free trade as soon as possible benefits of the agreement.
In terms of specific products, China will immediately cancel the import of clothing, cables, beef and offal, shrimp and shrimp, lobster, sea cucumber, kidney beans, peanuts, rum and other products imported from Nigeria from the effective date of May 1. tariff. The Nigerian side will also immediately cancel tariffs on seedlings, flower arrangements, garlic, corn and starch, frozen vegetables and their products, textile accessories, some plastic products, rubber tires and toys imported from China starting from May 1.
The person in charge of the Department of International Economic and Trade Relations of the Ministry of Commerce of China said that the implementation of the early harvest of the China-Nigeria Free Trade Agreement will further leverage the complementary advantages of the two economies, deepen practical cooperation in the economic and trade field between the two countries, and promote bilateral economic and trade relations to a new level.