Xiamen enterprises witness soaring trade with RCEP countries

Enterprises in Xiamen, Fujian province have seen robust growth in trade with Regional Comprehensive Economic Partnership (RCEP) member countries.

Since coming into effect on Jan 1, 2022, the RCEP has brought about tariff concessions and other tangible benefits to China's foreign trade companies, as well as provided positive assistance for them to obtain orders and expand their markets globally.

Data from Xiamen Customs show that by the end of April 23, the city has issued a total of 24,000 certificates of origin under the RCEP, with the value of goods exceeding 10 billion yuan ($1.45 billion). Export companies are expected to enjoy tariff reductions of more than 1 billion yuan in importing countries. By the end of March, the export volume of enterprises (under the administration of Xiamen Customs) to RCEP member countries reached 359.46 billion yuan, a year-on-year increase of 20.8 percent.

At Xiamen Lvsenda Food Co, workers are processing pleurotus eryngii, a popular edible mushroom, on a busy assembly line. "After three rounds of tariff reductions under the RCEP, we can enjoy a tariff reduction of 16,000 yuan," said Hong Chunzhu, business manager of the company.

Since the implementation of the RCEP, Xiamen Customs has guided enterprises to make good use of the free trade agreement. "According to Japan's RCEP tax reduction arrangement, we have carried out policy presentations for export companies," said Su Baoying, deputy head of the certificate of origin division at Xiamen Dongdu Customs.

Xiamen Port Logistics Bonded Co, a logistics service provider, has applied for more than 1,200 RCEP certificates of origin from Xiamen Customs.

To date, 10 companies in Xiamen have been recognized as approved exporters under the RCEP.

An aerial view of Xiamen Port. [Photo/Xiamen Daily]