A foreign buyer checks detailed information of products at an industrial expo in Yiwu. [Photo/WeChat account: yiwufb]

Yiwu in East China's Zhejiang province saw its foreign trade with South Korea increased by 375.6 percent year-on-year to 1.96 billion yuan ($307.57 million) in the first two months of 2022, according to the local customs office.

South Korea has become one of the most important foreign markets for Yiwu. To date, Yiwu has established friendly relations with South Korea's Pyeongtaek, Jung-gu (a district in Seoul), Jeju, Gumi and other cities.

Xu Qiannan from Yiwu Senya Import and Export Co said the company saw an increase in exports to South Korea this year. "We print 400 to 500 certificates of origin for the China-Korea Free Trade Agreement a week."

According to Xu, after the Regional Comprehensive Economic Partnership took effect on Jan 1, most products they export to South Korea will benefit from tariff reductions, and some will have tariffs waived entirely.

RCEP, signed by a total of 15 Asia-Pacific countries, including China and South Korea in November 2020, representing 30 percent of the world's GDP. Under the partnership, members will further ease market access requirements, cut tariffs and offer reciprocal policies.

Officials said that under RCEP, the tax rate for down jackets, jeans, cotton shirts and other textiles will be reduced from 13 percent to 6.5 percent.

In addition, many South Korean enterprises are looking for business opportunies in China. A number of clothing, beauty, food and accessories made in South Korea can be found in the Yiwu China Imported Commodities City.