The ratification of the Regional Comprehensive Economic Partnership (RCEP) agreement is pushed forward in all member countries. The imports and exports between China and other RCEP member countries continue to grow.

Changsha customs data shows that, between this January and May, Hunan’s trade with other 14 RCEP member countries reached 63.76 billion CNY, increasing by 20.3% over last year.

Tariff concession commitments and tariff cut modes among the member countries are different, a Changsha customs tariff official said. There are 39 tariff concession commitments, and 4 major tariff cut modes – cutting tariff to zero immediately; cutting tariff to zero within the transition periods; cutting tariff for some goods; and, no tariff cut. More than 90% trade in goods in RCEP region will achieve zero tariff finally.

Changsha Customs lunched an online RCEP origin management system on May 10. The first preference certificate of origin for China-Peru trade was issued with the new system.

During the first five months this year, Changsha customs authority has issued 15,700 certificates of origin, worth more than one billion USD, and helped export enterprises save about 50 million USD for their imports from the export destination countries. It also assisted import enterprises to enjoy tariff preference based on trade agreement, and cut 162 million CNY of tariff for the enterprises.

This article is from Hunan Provincial Government www.enghunan.gov.cn.

Translator: Pang Yuehui

Chinese source: hunan.gov.cn