All news

China's Customs issues Hainan's first comprehensive regional partnership certificate

The document will allow entrepreneurs to take advantage of preferential tariffs

HAIKOU /China/, January 3. /TASS/. China’s Customs issued Hainan province’s first certificate of origin for member countries of the Regional Comprehensive Economic Partnership (RCEP), the Hainan Daily newspaper reported.

"After the RCEP comes into force, the certificate will allow usto enjoy preferential tariffs, which gives our product an additional price advantage," said Li Xiaotao, general manager of the Hainan Yanghang Industrial Company.

The entrepreneur noted that his firm exports aluminum sulfate, which is used for water purification, paper and textile industries. After the regional partnership came into force, the products of his company, as well as those of many other Chinese commercial organizations, became much more competitive in a number of Asian countries.

As the head of Hainan Yanghang Industrial Company explained, the RCEP certificate allows him to save 2.3 thousand ($360) yuan when importing goods worth 46,300 yuan ($7.2 thousand) into Japan due to lower duties.

According to Lin Yun of the Haikou Customs Office (Hainan's administrative center), the provincial government has set up a special working group to advise companies on the RCEP, which will come into forceas of now. The group’s consultants advise companies how to reduce costs, as well as provide guidance on how to obtain a certificate of origin in the shortest possible time.

In November 2020, representatives of China and 14 other countries at the Association of Southeast Asian Nations Summit agreed to create the RCEP. Last Saturday, the 10 member states, including China, announced that the agreement came into force. The gradual lowering of trade barriers is expected to strengthen regional integration and accelerate global economic recovery.