Jinhua Customs issued Zhejiang's first RCEP certificates of origin to Zhejiang Cayi Vacuum Container Co Ltd on Jan 1, which is expected to save 200,000 yuan ($31,363) in tariff concessions for products exported to Japan in 2022.
Zhejiang Cayi Vacuum Container Co Ltd receives its RCEP certificates of origin on Jan 1. [Photo/jhnews.com.cn]
Japan is the main export market for vacuum cups in Jinhua. From January to November in 2021, Jinhua enterprises exported more than 20 million vacuum cups to Japan, valued at about 450 million yuan.
The RCEP is the first free trade deal ever reached between China and Japan. With the implementation of the RCEP, the previous 3.9 percent tax rate on vacuum cups exported to Japan will be completely eliminated within 10 years. It is estimated that in the first year after the RCEP takes effect, the city will enjoy over 1.8 million yuan in tariff concessions.
The RCEP will bring more economic benefits to foreign enterprises in Jinhua, and solar cells, granite products, plastic products, toys and tableware exported by Jinhua will see further increases in price advantages. The RCEP will also encourage enterprises to expand into overseas markets.
