East China’s Jiangsu province ranked first in the country in RCEP visa export value in the first half of the year, latest statistics show. Jiangsu has seized the opportunity to seize new international markets with the Regional Comprehensive Economic Partnership Agreement coming into force early this year.
Changzhou Customs recently issued the first RCEP certificate of origin to Changzhou Sudian Trading Co., Ltd. for its export from Jiangsu to Myanmar a batch of tractor accessories worth $54 thousand.
Since the Regional Comprehensive Economic Partnership Agreement came into effect for Myanmar on May 1, China has implemented the agreed tax rates applicable to RCEP ASEAN member states on some imported and exported goods originating in Myanmar. Some of China's exported goods will also enjoy various reductions and exemptions from Myanmar's import tariffs.
"Myanmar accounts for more than 90% of our total export business. Under the new preferential policies, our business volume with Myanmar customers is expected to increase in the second half of the year," said Wang Jianxin, General Manager of Changzhou Sudian Trading Co., Ltd.
As of now, 13 of the 15 signatory member states of RCEP have entered into force. RCEP has established a free trade agreement relationship between China and Japan for the first time, which has brought tangible benefits to many companies. In the first half of this year, Japan ranked first in Jiangsu's RCEP certificate of origin visas.
Wuxi-based Yingpei Trading Co., Ltd. exports textiles and garments to Japan. Previously, the company's export products to Japan are not entitled to Japan's tariff reduction and exemption. With the RCEP taking effect, it will gradually receive policy dividends of tariff reduction and exemption.
"Up to now we have issued a total of 188 RCEP certificates of origin with the total amount hitting about 7.9 million US dollars, and the tariff cost saved reaching about 60 thousand US dollars, which has greatly improved our international competitiveness and domestic market share," said Yang Rui, General Manager of Wuxi Yingpei Trading Co., Ltd.
Since the beginning of this year, the Provincial Department of Commerce, Nanjing Customs and Jiangsu Council for the Promotion of International Trade have jointly built a public service platform for smart application of free trade agreements, making it convenient for enterprises inquire about the optimal tax rate corresponding to the product by entering the product code through the "FTA tax rate inquiry" column.
Nanjing has opened the FTA smart platform, leading the country with the provision of many functions. Suzhou has established the Suzhou RCEP Enterprise Service Center and launched a calculator for economic and trade rules. Wuxi has issued an action plan for high-quality implementation of RCEP, and established a RCEP national sister city cooperation mechanism. Changzhou has built the first RCEP Institute for the Integration of Industry and Education in China.
Zhou Yusheng, Director of Nanjing Customs Tariff Department, told that Nanjing Customs has customized the "best preferential combination" for more than 300 key enterprises in the textile, chemical, electronics, automobile, and new energy industries, and actively promoted the expansion of the export of advantageous products and the import of key technology products.
Driven by a series of measures, in the first half of the year, Nanjing Customs and the Provincial Council for the Promotion of International Trade issued a total of 55,700 RCEP certificates of origin, enabling enterprises to enjoy tariff reductions of over 150 million yuan from other RCEP member countries. The export value of RCEP visas issued by Jiangsu reached 19.5 billion yuan, ranking first in the country.
