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RCEP saves Zhejiang enterprises millions in tariffs in Q1

ezhejiang.gov.cn| Updated: April 26, 2022 L M S

The Regional Comprehensive Economic Partnership (RCEP) has helped enterprises in East China's Zhejiang province save millions in tariff since it took effect on Jan 1, according to Hangzhou Customs.

Statistics show that in the first quarter of this year, Hangzhou Customs issued 8,835 RCEP certificates of origin for cargo valued at 2.392 billion yuan ($368 million) and reduced 24 million yuan in tariffs for enterprises.

The RCEP is currently in effect for 12 of the 15 signatories, and 2,034 products will enjoy zero tariffs in the first year. Hangzhou Customs has released a series of measures to simplify and facilitate the customs clearance process for enterprises. For example, more than 80 online and offline lectures on RCEP policies have been delivered since the beginning of 2022.

Japan, as the third largest export market for Zhejiang, lowered its import tariff under the RCEP for the second time on Apr 1. Japan promised to give China zero tariff treatment for 57 percent of the total tax items, focusing on increasing tariff concessions on agricultural products, food, clothing and chemical products.