RCEP boosts Shandong enterprises' global trade opportunities

Residents apply for document in customs office. [Photo/sd.dzwww.com]

Shandong enterprises have seized remarkable opportunities in the wake of the Regional Comprehensive Economic Partnership taking effect two years ago, marking a milestone in the region's economic collaboration. 

With the world's largest free trade area in operation since Jan 1, 2022, Shandong's strategic geographic and industrial advantages have positioned it as a potential player in the RCEP framework.

The realization of tariff reductions and the innovative self-declaration system for approved exporters have been pivotal. Shandong has been a leading role in issuing RCEP certificates of origin in China, allowing enterprises to enjoy tariff exemptions, with a notable export value exceeding 84.19 billion yuan ($11.88 billion).

Prominent businesses, such as Shandong Zhongdi Import and Export Co Ltd, showcase the tangible benefits. By issuing certificates of origin, the company has enabled Japanese clients to save approximately 10,000 yuan in import tariffs, contributing to a 20 percent year-on-year growth in exports to Japan.

This success extends beyond tariff reductions. Enterprises like Qingdao Kaichuang Food Co Ltd have optimized their supply chains, enhancing product competitiveness. Meanwhile, government initiatives, facilitated by intelligent industrial platforms, aim to guide enterprises in utilizing tariff reductions, opening avenues to emerging markets.

Enterprises in Shandong province have facilitated its development and transferred to a trajectory of sustained growth, fostering international trade relations and capability on a global scale.