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Dividends from RCEP bring new impetus to foreign trade

On November 15, 2020, the 10 ASEAN countries, Australia, China, Japan, the Republic of Korea and New Zealand jointly signed the RCEP, which will officially enter into force on January 1, 2022. At present, the dividends brought by RCEP are accelerating.

New Zealand milk, Malaysian snacks, Korean facial cleanser, Thai golden pillow durian… At Wumart stores in Beijing, imports from RCEP countries are plentiful. Behind the longer and longer shelves, there is a wider and wider stage. “Recently, we held the ‘Southeast Asia Fruit Festival’ and ‘High Eating Festival’ in dozens of stores across the country, and showcases fruits imported from RCEP countries to consumers through mobile markets and other means, which have been well received by customers.” Wumart Group spokesman Xu Lina told reporters.

Xu Lina said that as RCEP enters a new stage of full implementation, Wumart Group’s imported goods purchased in RCEP member countries are expected to be cheaper, and the customs clearance time will be further shortened. “Right now, we are buying Indonesian shrimp slices, Vietnamese coconut water and other goods. Among them, Wumart Metro’s purchases and sales of imported goods are expected to increase by 10% over last year. We will give full play to the advantages of the international supply chain, expand overseas direct procurement, and increase the supply of high-quality fresh and FMCG products to better meet consumer demand.” Xu Lina said.

Imported goods are pouring in, and export enterprises are accelerating to go to sea.

From January to May this year, Shanghai Customs issued a total of 34,300 RCEP certificates of origin, with a visa value of 11.772 billion yuan. Shanghai Shenhuo Aluminum Foil Co., Ltd. is one of the beneficiaries. It is understood that the company’s high-end ultra-thin double-zero aluminum foil has an annual production capacity of 83,000 tons, of which about 70% is used for export, and the products are widely used in food and beverage packaging, pharmaceutical packaging and so on.

“Last year, we handled 1,058 certificates of origin for export to RCEP member countries, with a value of nearly $67 million. When RCEP takes full effect this year, our company’s aluminum foil products will enter the RCEP market at a lower price and faster speed.” Mei Xiaojun, the company’s minister of foreign trade, said that with the certificate of origin, enterprises can reduce tariffs equivalent to 5% of the value of the goods in the importing country, which not only reduces the export cost, but also wins more overseas orders.

There are also new opportunities in the trade services sector.

Qian Feng, CEO of Huateng Testing and Certification Group Co., LTD., introduced that in recent years, Huateng Testing has increased investment in medicine and health, new material testing and other fields, and has set up more than 150 laboratories in more than 90 cities around the world. In this process, RCEP countries are the focus of new investment by enterprises.

“RCEP entering a new stage of full implementation is conducive to accelerating the integration of regional industrial chains and supply chains, reducing risks and uncertainties in international trade, and providing strong momentum for regional economic development.” In this process, China’s inspection and testing institutions will gain more opportunities to communicate with overseas, strengthen cooperation with relevant countries in the fields of scientific and technological innovation, quality standards, mutual recognition of information, and further achieve ‘one test, one result, regional access’.” Qian Feng told our reporter that Huateng Testing will strive to cultivate and introduce international talents, build an international sales network, and actively participate in the RCEP international market.

Post time: Jun-15-2023