Shenzhen companies have enjoyed preferential tariff treatment under the RCEP (Regional Comprehensive Economic Partnership) agreement, which officially took effect Jan.1, 2022.
In the first 11 months of 2022, the local customs helped imported and exported goods worth 6.91 billion yuan (US$1.01 billion) benefit from tariff reductions through the RCEP agreement, DT News reported Monday, citing statistics from Shenzhen Customs.
During the January-November period last year, Shenzhen Customs issued 20,605 certificates of origin under the RCEP framework for exports worth 5.02 billion yuan. The exports involved products of the city’s traditionally competitive industries such as bags and suitcases, plastic products, chemical preparations and clothing.
The major countries the products were exported to included Japan, South Korea and Australia, with estimated tariff reductions of about 251 million yuan for local exporters.
In terms of imports, Shenzhen Customs accepted 2,003 certificates of goods under the RCEP agreement that local importers applied for, with a value of 1.89 billion yuan. The tax reductions involved were 74.79 million yuan.
The imported goods included alloy steel coils, fresh durians, conductive adhesive films, aluminized alloy steel coils, copper plates and polyvinylidene fluoride.
According to Japanese chemical company Dainichiseika’s subsidiary in Shenzhen, the tariff rate of pigment the company exported to Japan was reduced from 3.5% to 2.9% after the RCEP agreement came into force.
Shenzhen Richsun Houseware Co. Ltd. is engaged in the production, processing and sales of glassware, and its products are mainly sold to Japan, Malaysia and other countries and regions.
“Now, even if the customer does not ask for the certificate of origin, we will take the initiative to provide it. The certificate can help reduce tariff by 0.6%, and it is fast and convenient to apply for,” the company’s customs manager surnamed Zhou was quoted as saying.