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Zhoushan foreign trade companies reap benefits from RCEP

Updated : 2022-01-07 (chinadaily.com.cn)

Foreign trade companies in Zhoushan, East China's Zhejiang province are looking forward to seizing development opportunities arising from the Regional Comprehensive Economic Partnership which took effect on January 1, local media reported on Jan 5.

Staff members from Zhoushan Customs have already been teaching local companies how to apply for RCEP certificates of origin.

Zhejiang Industrial Group Co Ltd received the first certificate for its 1,250 boxes of frozen minced fillet worth 260,000 yuan ($41,000). The certificate will exempt the product, which is bound for Japan, from 530 yuan in tariffs.

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, according to Han Lina from Zhejiang Industrial Group Co Ltd.

Zhoushan has close relations with RCEP members in trading. Statistics from Zhoushan Customs show that in the first 11 months of 2021, Zhoushan's trade with RCEP members totaled 18.06 billion yuan, accounting for 25.5 percent of the city's total.

Because of the RCEP, tariffs for more than one fourth of the foreign trade volume in Zhoushan is expected to be reduced to zero in 10 years.

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.

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The first RCEP's certificate of origin issued by Zhoushan Customs. [Photo/WeChat account: china-zjftz]