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Issuing RCEP Certificates To Ease The Flow of International Trade

International
International

Issuing RCEP Certificates To Ease The Flow of International Trade

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 across the country on January 1.

Enterprises can enjoy preferential tariffs for exporting goods to RCEP member countries with this certificate. The export products of these companies include mechanical and electrical products, textiles and chemical products. The China Council for the Promotion of International Trade stated that the value of these exports is 12 million U.S. dollars. However,The RCEP certificate of origin is expected to help relevant Chinese companies reduce tariffs of 180,000 U.S. dollars.

After RCEP takes effect on January 1 more than 90% of trade in goods between member states will eventually enjoy zero tariffs. However, This includes immediately reducing tariffs to zero and gradually reducing tariffs to zero within 10 years.

The China Council for the Promotion of International Trade stated these measures indicate that member states will fulfill. However, Their commitments to liberalize physical trade in a relatively short period of time. They will effectively promote regional economic integration in East Asia and help economic recovery and growth in the post-epidemic era. .

Currently, Singapore, Thailand, Japan, New Zealand and Australia all use electronic issuance of RCEP certificates of origin.

For Chinese companies exporting products to these countries. The certificate of origin will be fully electronic, and the CCPIT will provide online approval and printing services for companies.

The China Council for the Promotion of International Trade stated that for Chinese companies wishing to export products to Brunei, Laos, Vietnam or Cambodia. However, These countries do not accept electronic signatures for the time being, and they require manual signatures and stamps on the certificates.

The China Council for the Promotion of International Trade has issued certificates of origin for various trade agreements and preferential trade arrangements. As of December 15, 2021, the China Council for the Promotion of International Trade has issued 1.08 million. Furthermore, Certificates of origin for Chinese enterprises, a year-on-year increase of 25.7%.

The China Council for the Promotion of International Trade stated that as of that day. However, The export value involved reached 63.42 billion U.S. dollars, an increase of 98.8% year-on-year. These certificates have helped Chinese companies export goods abroad by at least 3.17 billion U.S. dollars in tariffs.

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Written by Hüseyin Ali

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