|

More than 200 textile companies in Shaoxing, Zhejiang province in East China have reported receiving significant benefits from the Regional Comprehensive Economic Partnership (RCEP), the largest free trade agreement in the world that took effect on January 1, 2022, according to local media reports.

Data from the Shaoxing Customs shows that Shaoxing exported textile products worth 27.05 billion yuan ($3.99 billion) to RCEP countries in 2022, an increase of 23.8 percent year-on-year.

One company that has greatly benefited from the agreement is Baoren Hezhong Technology. Located in Shaoxing’s Keqiao district, the company registered a four-fold increase in exports to ASEAN countries due to the RCEP, according to Xiao Guofang, general manager for foreign trade at the company. He added that the firm had in 2022 applied for RCEP certificates of origin that saved them nearly 1 million yuan in duties.

Shaoxing's yellow rice wine industry has been benefiting from the RCEP as well. Chen Guochang, the head of Shaoxing Baita Brew Beer Co. Ltd, reported that his company's yellow wine exports saw a rise of over 40 percent in 2022.

Statistics from local authorities show that the city's yellow wine exports in 2022 amounted to nearly 110 million yuan, a year-on-year increase of 25.4 percent. Specifically, exports to Japan reached 60 million yuan, a year-on-year increase of 52.3 percent.

Nearly 7,000 RCEP certificates involving 1.8 billion yuan worth of goods were issued last year, resulting in nearly 18 million yuan in tax savings for companies.