QUANZHOU, China--(BUSINESS WIRE)--On January 1, the Regional Comprehensive Economic Partnership (RCEP) came into effect. In the morning, approved by Quanzhou Municipal Bureau Of Commerce and Quanzhou Customs, a batch of frozen squid rings exported to Thailand by Quanzhou Jinjiang Enterprise Fujian Chuangxing Ocean Technology Co., Ltd. obtained the first RCEP certificate of origin issued by Quanzhou Customs. This also marks the successful implementation of RCEP in Quanzhou Customs District. It is reported that this batch of frozen squid rings is worth US$330,000. With the RCEP certificate of origin, the importing country will receive US$66,000 in tariff reductions.
Quanzhou Municipal Bureau Of Commerce stated that the RCEP approved exporter system has been implemented in Quanzhou, which has saved Quanzhou's foreign trade enterprises the time to apply for the certificate of origin, reduced operating costs, and improved customs clearance efficiency.
Quanzhou has a long history with RCEP member states. Data show that from January to October 2021, only Quanzhou Jinjiang exported goods to RCEP member states amounted to 33.08 billion yuan, accounting for 44.5% of the city's total export value.
After the official entry into force of RCEP, Quanzhou commercial textiles, footwear and apparel, electromechanical, chemical, food and other advantageous industries will usher in new opportunities.
The relevant person in charge of Quanzhou Municipal Bureau Of Commerce analyzed that the total population, economic volume and total trade volume of the 15 RCEP member states accounted for about 30% of the global total. Quanzhou's labor-intensive processing industries such as textiles and garments, electromechanical, footwear, chemicals, paper products, and food are expected to further benefit from the RCEP tariff reduction arrangement and the rules for accumulation of origin, which will greatly reduce export costs.
Quanzhou Municipal Bureau Of Commerce stated that in the next step, Quanzhou will increase the special training on RCEP, interpret the rules of origin accumulation for enterprises, help enterprises improve their understanding and application of RCEP-related policy dividends, and enhance their foreign trade competitiveness. At the same time, actively carry out RCEP series activities, serve Quanzhou enterprises to seize opportunities, expand the export of advantageous products, stretch the industrial chain supply chain, and optimize the industrial layout.