Guangdong facilitates enterprises to use RCEP rules of origin

A seminar on "Compliant Application of RCEP in Investment, Supply Chain, and Enterprise Trade Assistance" was held by the China Council for the Promotion of International Trade (CCPIT) Guangdong Committee in Guangzhou on June 6th.

Its aim is to guide enterprises in leveraging the preferential policies of the Regional Comprehensive Economic Partnership (RCEP).

Zou Ruirui, an expert from the Origin Working Group of the CCPIT, and Cui Siting, an official of the Trade Remedy and Industrial Injury Investigation Department of the Guangdong Provincial Department of Commerce, were invited to provide training on the use of RCEP origin rules for Guangdong enterprises.

RCEP is the free trade agreement among 15 member countries, including China, Japan, the Republic of Korea, Australia, New Zealand, and the 10 ASEAN countries.

"If enterprises can ensure that their raw material supply countries, production countries, and market countries are all within the RCEP member countries, they will be able to make the best of it," said Zou.

From the perspective of raw material import and procurement, enterprises can enjoy tariff concessions when importing; from the perspective of finished product export, enterprises can also enjoy tariff concessions when selling their products to other RCEP member countries. "It's equivalent to enjoying two rounds of concessions for enterprises, which contributes to reducing their costs," Zou added.

According to the CCPIT Guangdong Committee, since the full implementation of RCEP for all member countries in June 2023, its role in promoting trade and investment has been highlighted, strengthening the close ties of industrial chains and supply chains within the region.

In 2023, Guangdong's exports to RCEP member countries reached USD 171.88 billion, accounting for 22.2% of Guangdong's total exports, an increase of 2.2 percentage points compared to 2021.

The CCPIT Guangdong Committee has established the Guangdong Free Trade Communication RCEP Online Comprehensive Service Platform, providing services such as tariff inquiry, origin management, and certificate application.

In the first five months of this year, the CCPIT Guangdong Committee issued 15,328 RCEP certificates of origin, covering goods worth USD 335 million. The main export products are ceramics, plastic products and shoes, the major destinations are Japan, the Republic of Korea, and Thailand.

To promote the application of RCEP, the CCPIT Guangdong Committee has also established provincial RCEP Enterprise Service Centers, jointly with the CCPIT Committee in Shenzhen, Zhuhai, Jiangmen, Dongguan, Zhanjiang, and Foshan.

(cnbayarea.org.cn & GDToday)