Guizhou products enjoy tariff reductions from more countries

As the Regional Comprehensive Economic Partnership (RCEP) took effect in Malaysia on March 18, products exported from Southwest China's Guizhou province can now enjoy more tariff reductions.

That very day, Zunyi customs issued Guizhou's first certificate of origin for products exported to Malaysia. The products include $342,000 of crispy bamboo shoots exported by a company in Chishui city. With the certificate, the Malaysian client can enjoy about $17,000 in tariff reductions.

The RCEP was signed by China, Japan, South Korea, Australia, New Zealand and 15 members of ASEAN. So far, the RCEP has been implemented in 12 countries, and more than 90 percent of goods being traded will gradually see tariffs completely eliminated, benefiting more than 300 foreign trade companies in Guizhou.

During the first two months after the RCEP took effect, Guiyang customs signed 66 certificates of origin for goods worth $2.95 million, and reduced tariffs by $150,000 for Guizhou companies.

Guiyang customs reminds all foreign trade companies in Guizhou to pay close attention to the RCEP's list of tariff reductions and exemptions and choose the most favorable tariff rates to maximize profits.