The Regional Comprehensive Economic Partnership or RCEP pact has benefited enterprises in Jiangsu province since China issued guidelines in January to push for the high-quality implementation of the pact and deepen reform via high-level opening-up.
Jiangsu Sanxiao Group, located in Yangzhou, is a well-known domestic toothbrush enterprise. It exports 45 million daily necessities, including toothbrushes, to the RCEP member countries.
Benefiting from the preferential tariff dividends brought by the effective implementation of RCEP, Sanxiao Group's products have been able to further improve their competitiveness in overseas markets.
Since January, even during the Spring Festival, Sanxiao Group has maintained busy production with exports of daily necessities such as toothbrushes to Japan and South Korea increasing by 10% and 18% year-on-year. The preferential volume of export to RCEP members has reached nearly 10 million yuan.
Wang Min, Executive General Manager of Sanxiao Group
We import part of the raw materials
from South Korea
and export mostly to RCEP member countries
The implementation of the RCEP pact
is expected to save us
nearly one million yuan in costs every year
According to statistics from Nanjing Customs, benefiting from the Regional Comprehensive Economic Partnership Agreement, from January to February, export enterprises in Jiangsu applied for certificates of origin under RCEP and issued 8,005 declarations of origin, with a value of 3.257 billion yuan. Jiangsu enterprises are expected to enjoy 32.568 million yuan of import tariff concessions in RCEP member countries.
Enterprises in the province imported 316 million yuan of goods under the framework of the RCEP, saving 6.9764 million yuan in tariffs.
Enterprises in Jiangsu will face broader policy opportunities since March 18 when RCEP comes into effect.
Zhou Yusheng, Director of the Customs Department of Nanjing Customs
Nanjing Customs will actively carry out
publicity and training
based on the implementation of RCEP
to help enterprises familiarize themselves with
apply and master the rules
and strengthen policy guidance
through the application of big data analysis
to help enterprises fully enjoy
the tariff preferences brought by the pact
