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The Regional Comprehensive Economic Partnership came into force in the Philippines on June 2.

Zhejiang Xinhefa Lianbin Packaging Technology Co Ltd applies for an RCEP certificate of origin for exports to the Philippines. [Photo/tianmunews.com]

On its first day of implementation, Zhejiang Xinhefa Lianbin Packaging Technology Co Ltd, located in Pinghu, a county-level city of Jiaxing, applied for the first RCEP certificate of origin for exports to the Philippines from Jiaxing Customs.

Tariffs on the company's exports to the Philippines that day are expected to be reduced by more than 1,600 yuan ($224.89).

Under the China-ASEAN Free Trade Agreement, the company's main export – polyethylene packaging bags – did not enjoy tariff concessions. Depending on the product specifications, the company had to pay 3 percent or 15 percent in import tariffs when exporting to the Philippines.

After the RCEP took effect in the Philippines, the aforementioned products benefited from tariff reduction and exemption rules. The company is expected to enjoy 50,000 yuan in reduced tariffs for exports to the Philippines throughout the year.

"The RCEP's implementation in the Philippines brings about new opportunities for the company to develop in the Philippine market. With decreased prices and the high quality of our products, we are confident in future cooperation with Philippine customers," said Cai Xiaolin, manager of the company's foreign trade department.