Since the inauguration of the Regional Comprehensive Economic Partnership (RCEP) on January 1, 2022, numerous enterprises in China have reaped the rewards of enhanced trade and industrial collaboration with RCEP member nations.
In Yuhangren's sea buckthorn juice production workshop, a high-tech company dedicated to harnessing the plant's potential, workers bustle about packaging bottles destined for overseas markets.
"With the RCEP agreement in place, the average tariff rate for sea buckthorn juice in importing nations has decreased by 3 percent, and this trend continues to decline annually," noted Tang Hongguang, a foreign trade representative from Hohhot, the capital of Inner Mongolia Autonomous Region.
"Our sea buckthorn products have become highly competitive thanks to the preferential tariff policy. Currently, a majority of our products are exported to RCEP member countries," Tang emphasized.
Saihan Customs reported that over the past two years, they have issued 746 certificates of origin under the RCEP agreement for foreign trade enterprises in Hohhot, amounting to exported goods valued at 433 million yuan (approximately $61 million). It is estimated that these goods have enjoyed tariff concessions exceeding 80 million yuan in destination countries.
"An RCEP certificate of origin is invaluable in international trade," remarked Yang Yang, a representative from the foreign trade department of Inner Mongolia Northpeace Textile Co. Ltd. "RCEP's reduced tariffs on exported cashmere textiles have saved us approximately 1 million yuan in costs over the past two years."
In June 2023, the RCEP agreement officially took effect for all 15 member nations, further invigorating regional economic integration.
As the dividends of the RCEP agreement continue to unfold, an increasing number of enterprises in China are capitalizing on the momentum and seizing new business prospects.
A company headquartered in Guangzhou, Southern China, has cultivated a strong presence in Southeast Asia for years. The company has secured multiple investment and construction projects in various sectors such as digital economy, new energy, petrochemicals, water environmental protection, and industrial smelting, thereby fostering deeper economic and industrial ties between China and RCEP member countries.
Enticed by RCEP's favorable policies, including tax incentives, the company has established a comprehensive supply chain platform to facilitate the export of bulk goods and auxiliary materials, with a cumulative export value of 170 million yuan to date.
The RCEP agreement has delivered tangible benefits to enterprises in China," stated a representative. "With the full implementation of RCEP, we anticipate that this mechanism will unlock even more opportunities in the future, propelling exchanges and cooperation between China and RCEP member nations to new heights.
