Seminar discusses preferential rules of origin
(VOV) - A seminar was held in HCM City on July 24 to assist businesses better understand the ‘preferential rules of origin incorporated in free trade agreements (FTAs) so that their export products are eligible for preferential treatment.
Speakers at the seminar explained, preferential Rules of Origin are concerned with determining the nationality of goods. When a product is manufactured in Vietnam in accordance with the rules, it becomes what is called a Vietnam ‘originating product’ and is eligible for tariff reductions when exported into another member country.
In summary, the rules help maintain the delicate balance between facilitating trade liberalisation and preventing trade fraud.
With certificates of origin and preferential tariffs, businesses’ production and export activities will be promoted, helping boost the national economy and expanding international trade relations. Therefore, businesses should devise strategies to learn more about certificate of origin (C/O).
At the seminar, businesses were updated with specific information on trade agreements that Vietnam signed with other nations and territories around the globe and the tariff reductions qualifying Vietnam originating products receive when exported to other member countries.