Since the Regional Economic Comprehensive Partnership (RCEP) trade pact came into force at the start of the year, Changzhou Customs has reported fruitful achievements from the implementation of the trade pact.
From January to June, Changzhou Customs issued 3,009 preferential certificates of origin under the Regional Economic Comprehensive Partnership (RCEP) for exports worth 271 million US dollars, with about 22 million yuan exempted or reduced for relevant enterprises, data from the customs showed.
AkzoNobel Performance Coatings (Changzhou) Co., Ltd. mainly exports powder coatings to South Korea and Thailand. Under the RCEP, both South Korea and Thailand have adopted favorable tariff rates. So far, Changzhou Customs has issued 13 RCEP certificates of origin to AkzoNobel Changzhou for exports worth 900,000 US dollars.
Chenfeng (Jiangsu) Garments Co., Ltd. exports clothing to Japan with an annual value of more than 100 million US dollars on average. With the RCEP, tariffs on clothing products are lowered to 0.5%-1%. In the first half of 2022, the company received 317 RCEP certificates of origin for exports worth more than 78 million US dollars.
The RCEP came into force on January 1 after ten countries finished ratifying the pact, extending Asia-Pacific industrial chains and forming the world's largest free trade zone.
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