The Regional Comprehensive Economic Partnership (RCEP) has presented new export opportunities to enterprises in East China's Zhejiang Province since entering into force on Jan 1, 2022, reported Shanghai Securities News Monday.

According to statistics, the Hangzhou Customs has issued 2,953 RCEP certificates of origin in January this year which involves goods of 878 million yuan and delivers benefits of over 8.7 million yuan to enterprises in Zhejiang. The products enjoying export benefits are mainly agricultural products, textiles and clothing, aquatic products and so on.

In the first month when RCEP took effect, Zhejiang's enterprises have seen great strides in exports to Japan, benefiting 26 counties in the mountainous areas.

Edible fungus is the fourth largest agricultural industry in Zhejiang. Tianhe Agriculture Group based in Longquan, a county-level city of Zhejiang, exported nearly 50 million yuan of edible fungi in 2021, 60 percent of which were exported to Japan. In January this year, the company applied for seven RCEP certificates of origin, involving an amount of 1.5666 million yuan, and saved nearly 10,000 yuan in customs duties.

The tariff concession committed in RCEP pledges to gradually lower the tariff of most aquatic products exported from China to Japan and the Republic of Korea (ROK) to zero from 3.5 to 10 percent, which will bring great benefits to the aquatic products processing industry in Zhejiang.

Recently, as required by RCEP, Japanese authority gave over 4,000 yuan of tariff concession to frozen Spanish mackerel worth of 2.06 million yuan exported from Zhejiang, which just received the "identity card" of RCEP certificate of origin from the Taizhou Customs under the Hangzhou Customs.

Zhejiang Huakang Pharmaceutical Co., Ltd. (Huakang, 605077.SH), a hidden champion in Zhejiang, has applied for and received eight RCEP certificates of origin for exports to ASEAN countries in January this year, involving goods of 3.067 million yuan and enjoying benefits of around 52,000 yuan.

On February 1, RCEP came into force for the ROK, and Zhejiang's major export products, such as textiles, clothing and luggage, are all included in the tariff reduction list. It is estimated that RCEP can help save the cost of customs duties for Zhejiang textile enterprises by more than 25 million yuan in its first year of implementation.

Source: Belt and Road Portal