General

The Regional Comprehensive Economic Partnership (RCEP) came into full force for 15 signatory countries. A reporter recently visited several foreign trade enterprises in Jiangsu Province and found that a new round of policy dividends from RCEP has injected tremendous momentum into the development of foreign trade, and enterprises are more willing to make good use of, live with, and make full use of preferential policies.

Recently, a batch of fiber optic cable products worth 86000 US dollars from Jiangsu Hengtong Optoelectronics Co., Ltd. were exported to the Philippines without tariffs. Chen Xinggong, Director of International Trade Cooperation of the enterprise, said, "After RCEP takes effect in the Philippines, enterprises can directly enjoy tariff preferences in the export destination country, which is convenient and efficient

Also welcoming the new opportunity is Nantong Iron Man Sports equipment Co., Ltd., whose fitness equipment, Yoga mat and other products sell well in Southeast Asia. Jin Yan, manager of the enterprise's foreign trade department, said: "The company's Yoga mat exported to the Philippines has more advantages in using the RCEP agreement. At present, the tax rate of the RCEP agreement is 5% lower than that of the China ASEAN Free Trade Agreement, and it can be reduced to zero tariff in the future."

Statistics show that in 2022 and January May this year, Nanjing Customs issued 129900 RCEP Certificate of origin, and enterprises can enjoy 459 million yuan of export tariff preference in international trade and 381 million yuan of import tariff preference.

Seizing the new round of dividends from RCEP, more and more international trade enterprises have gained a new experience of "tailoring" and are trying the "optimal combination".

Zhangjiagang Yihua Rundong New Material Co., Ltd. is a PVC plastic floor manufacturer. From January to May this year, 54 RCEP Certificate of origin were handled, with a value of about 5.4 million US dollars and an import tariff preference of 810000 US dollars. Chen Xinyu, the business manager of the enterprise, said, "The company used to export to Indonesia, using the China ASEAN Certificate of origin, with a tariff of 5%. The customs customized the best scheme for us. Now, using the RCEP Certificate of origin, the tariff is directly reduced to zero, saving more than 200000 dollars than the original, which will help the enterprise to explore the Southeast Asian market. It is expected that the business volume will grow significantly this year."

After the full implementation of RCEP, it will play a supportive role in strengthening regional supply chain value chain collaboration and promoting high-quality development of international trade. Dongli Gaoxin Juhua (Nantong) Co., Ltd. produces non-woven fabrics, and has applied for more than 900 RCEP Certificate of origin, with a visa amount of more than 50 million dollars. "The main raw materials for producing non-woven fabrics are petroleum derivatives. We import raw materials from South Korea and Singapore, and export processed products to Japan and Thailand. Now, in terms of the choice of import and export Certificate of origin, we can choose the best from the best in China South Korea, China ASEAN, RCEP and other free trade agreements." Duan Jun, the minister of the second business department of the enterprise, said that in addition to tariff concessions, The supply chain optimization effect brought by RCEP also benefits enterprises greatly.

Yuan Fang, Deputy Director of the Customs Tariff Department of Nanjing Customs, stated that the RCEP agreement has a two-way nature, including a reduction in international trade export tax rates and import tax rates. This means that enterprises have more flexibility and resilience in stabilizing and optimizing the industrial chain supply chain layout while reducing production costs. (Transferred from: Xinhua Network)