Foreign trade enterprises based in Wuyi county, Jinhua are reaping the benefits of the Regional Comprehensive Economic Partnership trade agreement.
In 2022, Wuyi issued 278 certificates of origin under the RCEP for 64.52 million yuan ($9.39 million) worth of exports.
Jinhua customs issued Zhejiang's first RCEP certificates of origin to Zhejiang Cayi Vacuum Container Co Ltd on Jan 1, 2022, helping reduce the company's tax rate for exporting thermal insulation cups to Japan from 3.9 percent to 3.2 percent and resulting in a discount of more than 2 million yuan.
This year, the tax rate will be further lowered to 2.8 percent, and it is expected to reach zero in the next 10 years. Thanks to the increasing benefits of the RCEP, the company's exports surpassed $100 million last year.
Jinhua customs launched a "smart audit + self-printing" business model to help more Wuyi-based foreign trade enterprises go global. Enterprises can now complete the entire process of submitting an application to certificate issuance within a short period of time.
As the RCEP took effect in Indonesia - an important export destination for Wuyi firms - on Jan 2, it is expected to further benefit Wuyi's foreign trade enterprises, according to officials.
