RCEP boosts Yichang exports

By Shen Yuan, Yichang International Communication Studio

Yichang exported almost US$19 million worth of goods under the Regional Comprehensive Economic Partnership (RCEP) last year. Yichang Customs issued 240 RCEP certificates of origin, and Yichang enterprises enjoyed tariff discounts of about 6.4 million yuan (US$940,000) from importing countries.

 

The RCEP is the first free trade agreement among the largest economies in Asia – including China, Indonesia, Japan, and South Korea. It covers 15 countries in total, including Australia, New Zealand, the Philippines, Singapore and Vietnam. One of the aims of the RCEP is to cut tariff and non-tariff barriers. 

 

Despite the pandemic, China’s trade with RCEP countries accounted for 30 percent of its total foreign trade value in 2022.

 

Since it took effect on January 1, 2022, the RCEP agreement has helped Yichang companies develop their business in overseas markets. 

 

Last year, Yichang's import and export trade with RCEP trading partners increased by 35.6 percent year-on-year. Yichang Tianmei International Cosmetics Co., Ltd was the first approved exporter in Hubei Province under the RCEP framework. Of all the firms whose RCEP certificates of origin were issued in Hubei in 2022, the one with the largest total FOB (free-on-board) value was Hubei Xingfa Chemicals Group Co., Ltd..

 

Yichang Customs runs training sessions about RCEP policies for companies, and advises firms on the intricacies of certificates of origin so that they can expand their international markets and enhance the competitiveness of their products.
 

Yichang Comprehensive Free Trade Zone. Photo by Yan Xiaodong.