Jingjiang – a county-level city under the jurisdiction of Taizhou city, in East China's Jiangsu province – is reaping the benefits of the new RCEP Asia-Pacific trade accord, whose members include China, are seeing dramatic reduction in tariffs.
Jingjiang Customs says it has seen a significant increase in the issuance of RCEP certificates of origin – a kind of passport for goods shipped between member states – indicating the success of the RCEP policy in the region.
In the first seven months of the year, Jingjiang Customs issued 40 certificates, a 135.2 percent increase compared with the previous year.
The value of goods covered by the certificates amounted to $926,800, a 144 percent increase over the same period last year.
Since the implementation of RCEP in 2022, import tariffs on more than 90 percent of the products covered by the agreement have been reduced to zero. This is said to have boosted competitiveness and led to stable international market expansion for enterprises in Jingjiang city.
The RCEP certificate of origin is crucial in securing tariff concessions under the agreement. In the first seven months, Jingjiang Customs issued RCEP certificates for various products, including textiles, bamboo products and water treatment equipment.
The certificates have allowed companies to reduce their commodity tax rates and enhance their international competitiveness.
Jingjiang Customs has taken a personalized approach in connecting with local businesses to ensure optimal benefits. It helps companies put together the most advantageous combination of benefits to enjoy the best tax rates.
Additionally, an intelligent audit and self-service printing system for certificates of origin has been implemented – facilitating trade and supporting the development of local foreign trade enterprises.