Chongqing - Data shows from January to July this year, Chongqing Customs District experienced a substantial 40% year-on-year surge in RCEP trade, totaling 580 million yuan (about 79.79 million U.S. dollars). 

The full RCEP implementation reflects the determination and actions of its 15 members, ten members of the Association of Southeast Asian Nations, China, Japan, the Republic of Korea, Australia, and New Zealand, in supporting an open, free, fair, inclusive and rules-based multilateral trading system, according to Xinhua news agency.

In this trade volume, exports stood out with a 56% growth, marked by RCEP certificates of origin for goods worth 480 million yuan. RCEP-imported goods reached 100 million yuan, accompanied by 1.737 million yuan of reduced tariffs, a year-on-year increase of 100% and 83%, respectively. 

RCEP implementation in Chongqing Customs District from January to July 2023. (Graphics/Chen Zhan)

 "After achieving approved exporter qualification, we've successfully processed export products under RCEP," said a Chongqing import and export company. "This enables us to self-issue origin declarations and cut processing time by around 50%."

The firm also benefited from the RCEP agreement's full implementation. It has witnessed a tax rate drop from 5% to 4.8% for its tin plate exports to Thailand, with a gradual reduction to 0% anticipated over time.

This year, the company has enjoyed tariff reductions totaling nearly 20,000 yuan. It is anticipated that once the tax rate reaches 0, the company will save almost 340,000 yuan in tariff expenses annually.

RCEP implementation in Chongqing Customs District from January to July 2023. (Graphics/Chen Zhan)

To extend benefits to a broader range of foreign trade entities, Chongqing Customs District has been actively promoting the RCEP policy, which includes identifying key enterprises and essential products eligible for these advantages.

From January to July, 60 enterprises based in the Chongqing customs area submitted applications for RCEP certificates of origin, an increase of 11 applications compared to the previous year. Additionally, the number of approved exporters in the customs area has reached 6.

Moving forward, Chongqing Customs District will amplify efforts in RCEP implementation, streamlining tariff reduction and clarifying rules of origin. 

They are also refining an intelligent certificate of origin visa service to advance a model encompassing self-service printing, intelligent review, and postal issuance.