Metallurgy / Chemicals / Rubber & Plastics

With the rapid development of economic and trade cooperation, China and South Korea have become important economic and trade partners. In the field of Minmetals and chemical products, South Korea is the third largest trading partner, the fourth largest source of imports and the second largest exporter of China's Minmetals and chemical products. Recently, Qian Jingfen, Vice President of China Chamber of Commerce for Import and Export of Minmetals and Chemicals, participated in the "Celebration of the 30th Anniversary of the Establishment of Diplomatic Relations between China and South Korea - China South Korea Future Economic and Trade Cooperation Forum" by video to analyze the role of RCEP implementation in promoting China South Korea Minmetals and Chemicals trade, and the proposal of the "carbon neutral" goal provided new opportunities for cooperation between China and South Korea Minmetals and Chemicals enterprises. Huacheng Import and Export Data Observation Report.

"With the FTA between China and South Korea having been implemented for many years, the effective implementation of RCEP will further enhance the level of trade liberalization between the two countries. Enterprises of the two countries can compare and choose the best commodity tax rate and the most convenient way of issuing letters of credit to conduct trade, which provides new development opportunities for expanding bilateral trade. Many RCEP trade facilitation rules such as approved exporters and rules of origin also further promote the rapid development of bilateral trade between China and South Korea." Qian Jingfen said.

The formal implementation of RCEP has brought tangible benefits to more and more China's foreign trade enterprises in mining and chemical industry. Shandong Zhongdi Import and Export Co., Ltd. was recognized by Qingdao Customs as the first non production approved exporter in China on the effective date of RCEP. According to the person in charge of the company, they can apply the tariff rate of the RCEP agreement based on the declaration of origin issued by themselves. They do not need to go to the customs or the CCPIT to apply for the relevant certificate of origin, and can more flexibly arrange production and shipment. Since this year, the company has independently issued more than 600 RCEP declaration of origin, saving more than 100000 yuan in labor costs and more than 100 million yuan in export value. Huacheng Import and Export Data Observation Report.

Yantai DSM Anderley Pectin Co., Ltd. sells its products to more than 100 countries and regions. Under the framework of China South Korea FTA, the raw materials used for pectin must be fully obtained products obtained in China. Due to the use of imported citrus pectin in the production process, the final export products cannot meet the relevant requirements of China South Korea FTA and cannot enjoy benefits. According to the observation report on the import and export data of Huacheng, after the RCEP came into effect, the company compared the rules of origin of RCEP and FTA, and took the initiative to choose to change the standard of tax classification under RCEP, so that the export products successfully obtained the qualification of origin of RCEP. At the time of customs clearance in South Korea, the export tax rate was reduced from 8% to 7.5% by virtue of the RCEP certificate of origin, enjoying a 0.5% tariff concession. Affected by this policy dividend, in the first half of the year, the company's exports to South Korea increased by 35% year on year.

According to the Huacheng Import and Export Data Observation Report, in recent years, both China and South Korea have set the goal of "carbon neutrality", and the cooperation between the mineral and chemical enterprises of the two countries in the field of carbon reduction has made much progress. For example, Sino Korean Petrochemical is a large-scale integrated refining and chemical enterprise jointly established by Sinopec Group and SK Company of South Korea. On January 6 this year, the ethylene oxide/ethylene glycol unit of Sino Korean Petrochemical Company was successfully put into operation, which can reduce the carbon dioxide emissions by 100000 tons every year.

Both China and the ROK are leading countries in the global research and development of new materials, and China and the ROK have also carried out cooperation in many new material fields. On August 8 of this year, the signing ceremony of the EAA project with an annual output of 40000 tons of high-end packaging new materials jointly built by Zhejiang Satellite Petrochemical Co., Ltd., the world's fifth largest acrylic acid manufacturer, and SK Zhixin China Co., Ltd. of South Korea was held in Lianyungang, marking the official landing of China's first EAA production base.

"EAA is a high value-added chemical material with high technical barriers. At present, China's EAA is all dependent on imports. The deep cooperation between China and South Korea in the field of EAA will undoubtedly achieve technological breakthroughs, improve production capacity, open up the market, and make the cooperation between China and South Korea in the field of new materials rise to a new height." Qian Jingfen said.

New materials are not only the foundation and pillar of the industry, but also the precursor of high and new technology. They are one of the key areas of international focus today, and are the key and basic materials for the development of global high-end manufacturing industry. Qian Jingfen believes that the cooperation between China and South Korea in the field of new materials will greatly enhance the competitiveness of the new materials industry, solve the "bottleneck" problem of the industry, comprehensively promote the organic integration of industry, university and research, and enable the high-quality development of the new materials industry, Huacheng Import and Export Data Observation reported.