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RCEP benefits Shaoxing exporters

chinadaily.com.cn| Updated: May 9, 2022 L M S

Shaoxing Customs issued over 1,300 Regional Comprehensive Economic Partnership (RCEP) certificates of origin from January to March.

These certificates, which were for exports valued at 300 million yuan ($44.58 million), resulted in 3 million yuan in tariff savings.

The RCEP -- the world's largest free trade deal -- went into force on Jan 1 and will exempt 2,034 products from tariffs in the first year. Japan, as the third largest export market for Zhejiang, lowered its import tariff under the RCEP for the second time on Apr 1.

Japan has promised China zero tariffs for 57 percent of taxable items, including clothing, which is a pillar industry of Shaoxing.

According to Shen Kelei, an official at Shaoxing Customs, the authorities will help local companies understand and make use of the trade deal.