Enterprises in Jiangsu have enjoyed more than 70 million yuan in import and export tariff reductions and exemptions, benefiting from the implementation of the Regional Comprehensive Economic Partnership or RCEP. April 10 marks the 100th day since RCEP came into force.
Nippon Steel Cold Heading Steel Wire (Suzhou) Co., Ltd., an enterprise that develops and produces various types of cold heading steel wire, regularly imports steel products from Japan for processing.
Since the RCEP came into effect, Suzhou Customs has assisted the company in obtaining relevant certificates, which is expected to save about 4.5 million yuan in taxes and fees this year.
The certificate of origin is a certificate issued by each country in accordance with the relevant rules of origin, and is the "passport" for goods to enter international market.
Goods with a certificate of origin can enjoy a certain degree of tariff reduction and exemption when importing and exporting between RCEP member countries, and some can even achieve zero tariffs.
According to the agreement, tariffs on about 90% of goods will be gradually eliminated in the future. Among the 15 signatories of RCEP, the number of effective members has reached 12.
The implementation of RCEP has brought broad opportunities to Jiangsu. Since the beginning of this year, the customs and commerce departments have jointly carried out RCEP tariff measures training for more than 3,700 enterprises in the province to help enterprises improve their ability to participate in international cooperation and competition.
The latest customs statistics show that in the 100-day period since RCEP took effect, Nanjing Customs issued 15.2 thousand RCEP certificates of origin, with a certificate value of 5.716 billion yuan.
All ports in the province have imported 893 million yuan of goods under RCEP with tariff preference totaling 14.6633 million yuan.
The RCEP agreement, the world's largest free trade agreement, entered into force on Jan 1. After it took effect, more than 90 percent of merchandise trade among members that have approved the accord will eventually be subject to zero tariffs.
