Since the Regional Economic Comprehensive Partnership (RCEP) trade pact came into force at the start of the year, the Changzhou Customs has reported fruitful achievements from the implementation of the trade pact.
From January to February, the Changzhou Customs and the Changzhou Center for the Promotion of International Trade altogether issued 758 preferential certificates of origin under the RCEP for exports worth 400 million yuan, data from the customs showed.
Among them, 97 percent of the certificates were issued to exports to Japan, with about 3.65 million yuan of duties to be exempted or reduced. Major exports to Japan were textiles, garments, chemicals, plastic products, and mechanical and electronic products.
Chenfeng (Jiangsu) Garments Co., Ltd. said that exports to Japan appeared to be key beneficiaries thanks to preferential duties under the deal. So far, the company has got duty exemptions or reductions from the RCEP with approximately 500,000 yuan.
As the RCEP enters into force in Malaysia on March 18, China will adopt the first-year tariff rates it has committed for the member states of the Association of Southeast Asian Nations (ASEAN) under the trade agreement on part of imports from Malaysia from that day.
The RCEP was signed in November 2020 by 15 Asia-Pacific countries, including China and the 10 member states of ASEAN. It has already taken effect in 11 member economies.
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