Wuxi Customs issued 589 Regional Comprehensive Economic Partnership certificates of origin for 170 billion yuan ($26.84 billion) in exports in the first month of 2022, as the largest free trade agreement in the world comes into effect on Jan 1.
Wuxi Tongli Electric Co is a winding wire manufacturing enterprise involved in research and development, manufacturing and sales. Its products are widely used in high-voltage motors, medical equipment, new energy vehicles and other fields. The company's exports to Japan account for 68 percent of its overseas business.
"In January, our company applied for 30 RCEP certificates of origin for copper and aluminum winding wires exported to Japan. The total value of exports to Japan exceeded $3.31 million, a year-on-year increase of 10 percent," said Chen Yuping, deputy general manager of Wuxi Tongli Electric Co. "The value of exports to Japan this year will reach $30 million, and Japanese customers can enjoy more than $200,000 in tariff reductions with the RCEP certificate of origin."
Many foreign trade enterprises in Wuxi have been paying close attention to the RCEP. According to Wuxi Customs, more than 310 RCEP certificate of origin products were filed in January, a year-on-year increase of 200 percent.
"The RCEP tariff reduction, especially the first mutual tariff reduction between China and Japan, has improved the export competitiveness of Wuxi's textiles and clothing, daily necessities, and electronic components," said Ren Yisheng, director of Wuxi Customs' affairs office in Xinwu district.
"The import cost of spare parts and raw materials for equipment manufacturing, new materials and other industries has been further reduced, and the business environment for enterprises has been optimized." Ren added.
