Huangpu Customs issues 1st certificate of origin under RCEP

The customs authorities in Guangzhou's Huangpu district issued the first certificate of origin under the Regional Comprehensive Economic Partnership (RCEP) agreement on Jan 1 to Miniso International (Guangzhou) products that will be exported to Thailand.

According to Xu Donghong, a trade manager of Miniso, Huangpu Customs has organized multiple policy consultation sessions to help the enterprise benefit from the RCEP tariff reduction and expand the business in overseas markets. 

From application to issuance, Miniso took merely 46 seconds to obtain the certificate of origin. This round brought the company a tax reduction of 153,000 yuan ($23,975), and the figure is expected to reach 5 million yuan for the whole year under the RCEP agreement, the world's largest free trade agreement.

A Huangpu Customs officer issues the first certificate of origin under the RCEP agreement Jan 1 to Miniso International (Guangzhou) products.

The RCEP includes 10 ASEAN members, China, Japan, South Korea, Australia and New Zealand. After the RCEP agreement took effect on Jan 1, more than 90 percent of merchandise trade between approved members will be eventually subject to zero tariffs.

In the first 11 months of 2021, the foreign trade value between Huangpu and RCEP members exceeded 120 billion yuan, accounting for 40 percent of the total foreign trade value of the district.

Huangpu will make the most of the free trade pact to expand the export of its advantageous products, better integrate itself into the global industrial, supply and value chains, and push forward local industrial transformation and upgrading.