Foreign trade companies in Zhoushan, East China's Zhejiang province, were exempted from 440,000 yuan ($69,000) in tariffs in January after the Regional Comprehensive Economic Partnership took effect on January 1, local media reported on Feb 12.
Local authorities issued 68 RCEP certificates of origin to cargo worth more than 41.8 million yuan in the first month of the year.
As both China and Japan are members of RCEP, tariffs on part of the aquatic products exporting from China to Japan are expected to be reduced to zero in 10 years.
"In January, we received 22 RCEP certificates of origin for our exported aquatic products to Japan," said Han Lina from Zhejiang Industrial Group Co Ltd.
Han noted that the company exports about 650 metric tons of aquatic products to Japan each year. Because of the RCEP, the company will enjoy about 200,000 yuan in tax exemptions per year.
In addition, food processing equipment and apparel exported to Japan and Australia also received RCEP certificates of origin.
The RCEP entered into force for South Korea on Feb 1. The aquatic products in Zhoushan, including frozen crabs, frozen sleeve-fish, and frozen minced fillet, as well as screws and textile in the city are on the tariff cut list for the country.
The RCEP is signed by 15 Asia-Pacific countries, including 10 ASEAN members, China, Japan, the Republic of Korea, Australia and New Zealand. The 15 states' total population, gross domestic product and trade all account for about 30 percent of the world total.
RCEP covers a wide range of areas, including tariff reduction, trade facilitation and opening up of services and investment. Over 90 percent of trade in goods among approved member states will be tariff-free, and all member states will significantly reduce restrictions on economic and trade cooperation, facilitate the flow of goods and factors of production, and improve production efficiency.
The first RCEP certificate of origin issued by Zhoushan Customs to Zhejiang Industrial Group Co Ltd. [Photo/WeChat account: china-zjftz]
