Hangzhou's foreign trade enterprises reap benefits from RCEP

The Regional Comprehensive Economic Partnership took effect in the Philippines on June 2, meaning that the world's largest free trade agreement has now come into full force in all 15 member countries.

The RCEP pact has opened up new avenues for trade, enabling greater opportunities for Hangzhou's foreign trade enterprises.

The agreement has not only facilitated the export of products such as durians through additional tariff reduction and elimination but has also introduced trade facilitation measures to expedite customs clearance procedures. This development has proved especially advantageous for the trade of perishable goods.

Since the implementation of the RCEP, Hangzhou Customs has issued a total of 73,200 certificates of origin for 2,609 enterprises in its jurisdiction, with the total value of goods reaching 25.18 billion (3.54 billion) yuan as of the end of April this year. These certificates have enabled significant tax reductions totaling approximately 281 million yuan for the province’s imports and exports.

Hangzhou Customs conducted meticulous research on preferential tariff policies using a customized approach for each enterprise and industry. This proactive method is meant to help more enterprises fully benefit from from preferential policies regarding the origin of goods.

Hangzhou Customs has promoted an online application, intelligent review, and self-printing model for certificates of origin. This innovative approach allows enterprises to obtain the required certificates without leaving their premises, ensuring convenience and efficiency.