Shanxi to share more trade benefits from RCEP

Shanxi province will enjoy strong equipment exports, high-quality production products and preferential tariff treatment by importers after the implementation of the Regional Comprehensive Economic Partnership (RCEP), according to provincial customs department Taiyuan Customs.

On Nov 15, 2020, the 10 member countries of the Association of Southeast Asian Nations, China, Japan, the Republic of Korea, Australia and New Zealand signed the RCEP, forming the world's largest trade bloc.

"After the implementation of the RCEP, enterprises in Shanxi province have an additional path of exploration and development in terms of exports and opening up the international market," said an official of Taiyuan Customs.

For Shanxi's import-export enterprises, the top imported commodity categories include electrical and electronic products, ore, instruments and machinery. The top categories for exported commodities include electrical and electronic products, steel, mineral products and base metal products, which can enjoy various tax benefits as a result of the free trade agreement.

Taking advantage of the RCEP's cumulative rules of origin, Shanxi enterprises will improve the flexibility of sales strategies and logistics arrangements, significantly enhancing the degree of trade facilitation.