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China's Hainan sees exports to RCEP countries grow 3.3 times in one year

It reached $105 million

HAIKOU /China/, June 10. /TASS/. Exports of goods from South China's Hainan Province to the member countries of the Regional Comprehensive Economic Partnership (RCEP) have grown 3.3 times year-on-year over the past 12 months to reach 750 million yuan ($105 million at the current exchange rate), Hainan Daily reported.

According to the paper, from June 2023, Haikou City Customs (the administrative center of Hainan) has issued more than 900 certificates of origin to RCEP, which is about three times more than in the previous twelve-month period. Tariff preferences, simplification of customs clearance and favorable conditions for trade and investment cooperation, conditioned by the relevant agreement, are noted to play an important stimulating role in increasing economic cooperation with members of the association.

Gan Jiayong, Head of the General Department of Haikou Customs, noted that the volume of preferences available to companies trading with the RCEP countries is constantly increasing. The goods exported by Hainan to the member states of the agreement include nonwovens, seafood, aluminum sulfate (used in water purification and fabric dyeing).

The official added that the authorities will continue to eliminate obstacles to the growth of trade turnover and will work out additional measures to improve the competitiveness of the province's foreign trade companies.

In November 2020, representatives from China and 14 other countries at the Association of Southeast Asian Nations (ASEAN) summit agreed to establish RCEP. From June 2, 2023, when the agreement came into effect for the Philippines, it applies to all 15 participating countries, including ASEAN members, Australia, the PRC, New Zealand, and the Republic of Korea. By lowering trade barriers, the agreement is expected to strengthen international trade ties in the region and accelerate global economic recovery.

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