Jinan issues 1,054 RCEP certificates of origin for exports to Japan in H1

Statistics showed that the Quancheng Customs issued 1,054 RCEP (Regional Comprehensive Economic Partnership) certificates of origin for enterprises to export goods such as textiles, chemicals, and machinery products to Japan in the first half of 2023, with a total value of 368 million yuan ($51.2 million).

Shandong Winson Non-woven Materials Co, a modern company specializing in the production and operation of spunlace nonwoven materials. Their products are known for their quality and are in high demand, especially in Japan, where more than half of their products are exported. The company has received certificates of origin, which allow them to benefit from a reduced tax rate of 3.1 percent during customs clearance. This has greatly benefited the company, as in the first half of this year alone, they exported spunlace nonwoven fabrics worth 75.81 million yuan to Japan, resulting in a tariff reduction of 900,000 yuan from the importing country.

The agreement of RCEP, currently the world's largest free trade zone, has presented new opportunities for accelerating the formation of a unified market in East Asia and promoting economic development among member countries since it took effect on Jan 1, 2022.

On April 1 of this year, Japan further lowered import tariffs under the RCEP agreement, bringing even greater benefits to companies having trade with Japan.

To further promote the benefits of RCEP and assist more foreign trade companies, Quancheng Customs has been researching topics such as textile exports to Japan and bolstering efforts to practically help exporters enjoy the benefits of RCEP, such as tariff reduction.