Wuxi foreign trade companies reap benefits from RCEP

Wuxi Customs in Wuxi, East China's Jiangsu province, issued 1,763 RCEP certificates of origin to local foreign trade companies in the first three months of the year, benefiting $80 million worth of cargos.

"We have applied for 95 RCEP certificates of origin this year," said a staff member from Wuxi Hengbo Textile Co Ltd, adding that the company exports about 20 million yuan of products per year and that the RCEP is expected to save the company from about $90,000 in tariffs each year.

Since the RCEP agreement took effect on Jan 1, Wuxi has witnessed closer economic ties with RCEP members. From January to March, Wuxi's trade with members of RCEP was valued at 74.96 billion yuan ($11.53 billion), a year-on-year increase of 13.5 percent.

An official from the Wuxi municipal bureau of commerce said that they will encourage local companies to leverage the RCEP agreement to explore new markets and cooperate with RCEP members.

The city will also establish an RCEP research center and an RCEP business service center to explore rules about tariff reduction and certificates of origin under RCEP agreements and help local companies expand their market presence, noted the official.

The RCEP agreement was signed by 15 Asia-Pacific countries. Over 90 percent of trade in goods among approved member states will be tariff-free, and all member states will significantly reduce restrictions on economic and trade cooperation, facilitate the flow of goods and factors of production, and improve production efficiency.