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Zhoushan enterprises save 5.59m yuan in tariffs with RCEP

Updated : 2023-01-30 (

Zhoushan Customs in East China's Zhejiang province had issued 856 Regional Comprehensive Economic Partnership (RCEP) certificates of origin for goods worth 560 million yuan ($82.99 million) as of Jan 1, 2023, official statistics show.

The certificates, which have been granted since January 1, 2022, had provided local enterprises over 5.59 million yuan in tariff reductions last year.

Hairoad Food Zhejiang Co Ltd is one of the beneficiaries of the favorable policies and it applied for 108 RCEP certificates in 2022 that provided 2 million yuan in tariff exemptions on its exports, according to Shen Tianqi, a representative of the company's foreign trade department.

Local enterprises have benefited from the efforts made by Zhoushan Customs and the Zhoushan Trade Promotion Society in outlining relevant policies and rolling out smart verification services.

In addition, the Zhoushan Trade Promotion Society hosted an online seafood exhibition for RCEP member countries last year, which helped local seafood enterprises expand their market share.

The RCEP was 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 account for about 30 percent of the world total.

The RCEP covers a wide range of areas, including tariff reductions, trade facilitation, as well as opening up of services and investment. More than 90 percent of trade in goods among approved member states are tariff-free. In addition, all member states have agreed to significantly reduce restrictions on economic and trade cooperation, facilitate the flow of goods and factors on production, as well as improve production efficiency.