Shanghai Customs boosts RCEP benefits with new welfare packages

As the world's largest free trade agreement, the Regional Comprehensive Economic Partnership (RCEP) has significantly enhanced regional cooperation since its implementation on Jan 1, 2022. Approaching the first anniversary of its full implementation across all 15 signatory countries, the benefits of RCEP have become increasingly evident.

On May 30, Shanghai Customs, in collaboration with the Shanghai Municipal Commission of Commerce and the Bonded Area Administration, hosted an RCEP policy briefing in the Waigaoqiao Bonded Area. During the event, they distributed "RCEP Benefit Packages" to 12 participating enterprises to help them leverage RCEP policies more effectively.

The "RCEP Benefit Packages" include information on relevant policy regulations, detailed analyses of the enterprises' RCEP utilization rates, and tailored recommendations. Developed under Shanghai Customs' "Smart Customs" initiative, these packages aim to enhance enterprise support and improve benefit utilization rates.

"This benefit package is very timely for us," said Yu Zhuojun, logistics manager at Hasco Sanden Automotive Air Conditioning Co Ltd, noting their low utilization rate of 0.5 percent last year. Liu Lili, general manager of Sinopharm (Shanghai) Supply Chain Management Co Ltd, also praised the package, which she believes will help increase their 17 percent utilization rate.

Shanghai Customs has optimized its processes in import and export procedures to facilitate efficient implementation and enhance benefit satisfaction among participating enterprises. For instance, they have promoted the "minor error" tolerance mechanism for certificates of origin.