A cargo plane in Wenzhou prepares to depart for Tokyo on Jan 2. [Photo/WeChat account: wenzhoufabu]
Wenzhou Customs issued the first certificate of origin of the Regional Comprehensive Economic Partnership, or RCEP, to a batch of shoes exported by a local company for Japan recently.
The company's tariff in Japan is expected to be reduced from 6.7 percent to 6.4 percent because of the certificate.
Although the goods were shipped from Wenzhou to Japan at the end of last month, they can still benefit from the new agreement as the starting date of tariff preference for enterprises is not based on the departure date of goods, and goods in transit can also apply for RCEP certificate of origin.
"Though the certificate of origin will not bring us much tariff benefits this time, we are still happy to receive it as it will elevate the overall competitiveness of our products in overseas markets in the future," said a director of the company.
The RCEP, which was signed by 15 Asia Pacific countries that accounts for about 30 percent of the world's gross domestic product, trade and population, will offer a strong boost to international trade and investment and contribute to global economic recovery. The agreement was signed on Nov 15, 2020 after eight years of negotiations. The RCEP took effect on Jan 1, 2022.
Wenzhou has enjoyed stable friendship with RCEP members countries as ASEAN countries and Japan are Wenzhou's main trade partners. Statistics show that in the first 11 months of 2021, exports from Wenzhou to 15 RCEP member countries were valued at 40.52 billion yuan ($6.36 billion), while imports stood at 21.51 billion yuan.
