Yiwu Customs issued 3,318 Certificates of Origin under the Regional Comprehensive Economic Partnership in the first seven months of the year, an increase of 57.18 percent compared to the same period last year, local media reported on Aug 7.

This surge is expected to offer companies more than 5 million yuan ($693,644.83) in import benefits to member countries.

Yiwu has experienced first-hand the advantages of the RCEP, the world's largest free trade agreement. The pact's official implementation in the Philippines on June 2 expanded its scope across the 15 member nations, opening up new avenues for growth for enterprises like Yiwu's Yifeng Management Supply Chain Co.

Yifeng, specialized in procuring items such as plastic products, textiles, and toys, has found its exports enjoying duty-free entry into the Philippines with an RCEP Certificate of Origin. The advent of the RCEP agreement has invigorated small and medium-sized businesses, providing them with new development opportunities.

"With the RCEP in effect for the Philippines, we found that through the 'RCEP Smart Benefit Services Platform', tariffs for many products we export to the Philippines will gradually be reduced to zero," said Zhan Wenfeng, head of Yifeng.

To date, Yifeng's applications for RCEP-origin certificates for exports to the Philippines have surpassed 500,000 yuan in value.