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[PHOTO BY SHI YU/CHINA DAILY]

Shaoxing Customs issued Shaoxing's first RCEP certificates of origin to Willers Textile Co Ltd on Jan 2, bringing 0.7 percentage points of tariff reductions to the company when its commodities clear customs to Japan.

"It is not only a good news for both imports and exports," said Liu Zebin, general manager of Shaoxing Willers Textile Co Ltd. "Our company will enjoy preferential tax reduction this year when buying raw materials from Japan."

RCEP -- the world's largest free trade deal -- went into force on Jan 1. Covering about 30 percent of the global population, gross domestic product and trade volume, the agreement was signed on Nov 15, 2020, after eight years of negotiations.

After the agreement takes effect on Jan 1, more than 90 percent of merchandise trade among members that have approved the agreement will eventually be subject to zero tariffs.

Zhejiang province has had a stable relationship with RCEP member countries. Statistics show that from January to November 2021, the total trade value between the province and RCEP member countries grew 19.4 percent year-on-year to 948.61 billion yuan, accounting for 25.2 percent of Zhejiang's total foreign trade value.

Zhejiang's exports to RCEP member countries are mainly electromechanical, labor-intensive products, and high-tech products, while its imports from RCEP member countries are mainly resource products.

Shaoxing Customs said they will help local companies benefit from the agreement.