TradeBeam, a provider of SaaS-based global trade management solutions (GTM), has announced that its Global Trade Compliance technology was chosen by The Ministry of Commerce (MOC) for China’s new Free Trade Agreement (FTA) Duty Rate Query System. The FTA system encourages Chinese foreign trade enterprises to further explore the benefits of favorable free trade policies.
The new FTA Duty Rate Query System is supported by TradeBeam China and powered by TradeBeam’s GTM content. The system provides Chinese exporters current, preferential and future duty rates. In addition, it provides the customs tariff and duty data of China’s FTA partners. The system, designed to promote free trade policy adoption by China’s foreign trade enterprises, supports applications such as commodity classification, dynamic duty rate query, preferential and non-preferential duty rate navigation.
Currently, China is working with over 37 countries and regions to establish 16 Free Trade Areas, of which eight Free Trade Agreements have been already implemented.