As the Regional Comprehensive Economic Partnership agreement entered into force for Malaysia on March 18, Xiamen customs issued its first RECP certificate of origin for exports to the country the same day.
The certificate of origin was issued for a shipment of $62,900 worth of swimming pools and airbeds, and it is projected to save $5,300 in tariffs.
The RCEP, which includes 10 member states of the Association of Southeast Asian Nations — Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam — and its five free trade agreement partners — China, Japan, the Republic of Korea, Australia, and New Zealand — covers roughly 30 percent of the global GDP and population. As the world's largest trading bloc, it will eliminate 90 percent of the tariffs on goods traded among its signatories over the next 20 years.
Local customs officials said that after the implementation of the RCEP agreement in Malaysia, companies are allowed to print the certificates of origin by themselves, which streamlines procedures and enhances the coordination efficiency in the industrial chain and supply chain.
Official statistics show that as of March 17, Xiamen customs had issued 2,549 RCEP certificates of origin to 377 companies. The exports mainly involved aluminum products, organic chemicals and umbrellas that had a combined value of 1.2 billion yuan ($188.16 million) and were estimated to benefit from more than 12 million yuan in tariff cuts under the RCEP agreement.
Xiamen customs has also upgraded the certificate application and collection platform. The whole application process, which took two working days before, can now be completed online within three minutes.
China has launched a new pilot program to allow eligible enterprises greater access to overseas financing in support of green and low-carbon transformation projects, the country's foreign exchange regulator said on Aug 21.
To further streamline the experience, China is expanding tax refund stores, broadening the range of refundable goods, and refining refund procedures, ensuring an efficient and seamless shopping experience for global visitors.
