Shandong issues 255,000 RCEP certificates of origin

[PHOTO BY SHI YU/CHINA DAILY]

By the end of July, East China's Shandong province had issued 255,000 certificates of origin under the Regional Comprehensive Economic Partnership (RCEP), ranking it first in the country by this metric.

The certificates involved 67.61 billion yuan ($9.28 billion) of exported goods, and local enterprises can enjoy tariff concessions of nearly 700 million yuan in destination countries.

Signed in November 2020, the landmark RCEP agreement covers roughly 30 percent of the world's gross domestic product and population. It entered into force on Jan 1, 2022, with the aim of gradually eliminating tariffs on over 90 percent of goods traded among its members.

Increasing numbers of foreign trade enterprises in Shandong are seizing the opportunities brought by the RCEP agreement to expand the RCEP market by using the dividend of the certificate of origin tariff concession policy.

In the first seven months, Shandong's trade volume with other RCEP countries reached 690.75 billion yuan, accounting for 37.1 percent of its total import and export value during this period.

"The implementation of the RCEP has brought us multiple benefits, such as tariff reductions and speedy customs clearance," said Liu Wei, manager of an international trade company in Qingdao.

From January to July, Liu's company applied for 580 RCEP certificates of origin, saving over 500,000 yuan in reduced tariffs on its exported products.