Jiaxing companies benefit from RCEP in Q1
Jiaxing in East China's Zhejiang province issued 3,219 certificates of origin with a total value of 980 million yuan ($142.2 million) under the Regional Comprehensive Economic Partnership in the first quarter, up 65.3 percent in the number of certificates of origin and 66.1 percent in value of goods, bringing 14.37 million yuan in import and export concessions for companies, according to Jiaxing Customs.
Zhejiang Jinyuan Industry Co Ltd obtained an RCEP certificate of origin from Jiaxing Customs for its luggage and bags exported to Japan on April 20. The certificate exempts the goods from about 3,900 yuan in Japanese tariffs.
When the RCEP came into effect, the company enjoyed tariff reductions on suitcases and bags exported to Japan, enhancing the international competitiveness of the company's products, said Hu Sheng, an employee at the company.
In the first quarter, the company's exports to Japan increased by more than 30 percent year-on-year, added Hu. With the help of certificates of origin under the RCEP, import tariffs on the company's exports to Japan were reduced by about 35,000 yuan in the first quarter.
In addition, an RCEP intelligent service platform jointly developed by Hangzhou Customs and the Department of Commerce of Zhejiang Province has been introduced in Jiaxing.
The system will automatically show tax reduction rules under different free trade agreements and help companies choose the most suitable free trade agreement and apply for the corresponding certificate of origin after inputting the product tax code and export destination.