The China Council for the Promotion of International Trade (CCPIT), China’s foreign trade and investment promotion agency, issued RCEP certificates of origin to 69 Chinese companies nationwide on January 1.
With the certificates, companies can benefit from preferential tariffs when exporting goods to RCEP member countries. The exports of these companies include mechanical and electrical products, textiles and chemicals. The value of these exports amounted to $ 12 million, and RCEP certificates of origin are expected to help reduce tariffs for affected Chinese companies by $ 180,000, the CCPIT said.
After the entry into force of the RCEP on January 1, more than 90% of trade in goods between member countries will ultimately benefit from zero customs duties. These include the immediate reduction of tariffs to zero and the gradual reduction of tariffs to zero over 10 years.
The measures indicate that member countries will keep their promises to liberalize trade in goods within a relatively short period of time, and this will contribute vigorously to strengthening regional economic integration in East Asia as well as fostering economic recovery and growth. in the post-pandemic era, the CCPIT said. .
Currently, Singapore, Thailand, Japan, New Zealand and Australia have adopted electrical issuance of RCEP Certificates of Origin.
For Chinese companies wishing to export products to these countries, certificates of origin will be issued entirely electronically, and CCPIT will provide online approval and printing services to companies.
For Chinese companies wishing to export products to Brunei, Laos, Vietnam or Cambodia, those countries temporarily do not accept electronic signatures and require manual signatures and stamps on certificates, the CCPIT said.
The CCPIT has issued certificates of origin for various trade agreements and preferential trade agreements. As of December 15, 2021, the CCPIT had issued 1.08 million certificates of origin for Chinese companies, and the number has increased 25.7% year-on-year.
On that date, the value of affected exports reached $ 63.42 billion, up 98.8% year-on-year, and the certificates helped reduce tariffs by at least $ 3.17 billion. for Chinese companies that export goods overseas, the CCPIT said.