Ningxia’s enterprises enjoy benefits of 25 million yuan under RCEP

As of Jan 1, 2023, the Regional Comprehensive Economic Partnership (RCEP) has been in force for a year. According to the statistics of Yinchuan Customs, in 2022, the value of import and export goods benefiting from the RCEP was 839 million yuan (about $124 million), and import and export enterprises enjoyed preferential tariffs of RCEP equal to about 25 million yuan. The RCEP has become a powerful driving force for Ningxia to expand its industries.

Over the past year, Yinchuan Customs has made every effort to help import and export enterprises fully grasp the new opportunities brought by the RCEP and carry out training in various forms online and offline, fully stimulating market potential and boosting regional economic recovery.

"Our company produces characteristic agricultural products, such as goji berries, dates, cauliflowers, chrysanthemums, and dried mulberries, which are mainly exported to Japan. Since 2022, with the support of the RCEP, we have achieved many new cooperation relations by exploring the international market. At the same time, with the RCEP certificate of origin, export products can enjoy a tax reduction of 8-12% in the other countries,” said Hu Wenjing of the Trade Department of Ningxia Hong Rising Biological Technology Co., Ltd.

The RCEP has resulted in the reduction of tariffs. "With the RCEP certificate, customers can obtain tariff concessions from the other countries when they go through customs clearance, which greatly improves the company's international market competitiveness. At the same time, under the guidance of Yinchuan Customs, our company passed the examination and achieved the approval of exporters under the RCEP last year," said Luo Ying, director of customs business of Ningxia Eppen Biotech Co., Ltd.

In 2022, Yinchuan Customs issued 652 RCEP certificates of origin for 45 enterprises in Ningxia, with a value of 735 million yuan. The products were mainly exported to Japan, South Korea, Thailand, Singapore, Vietnam and Malaysia. Based on the average 3% tariff preference, the export products enjoyed tariff preferences of target countries of about 22 million yuan.

According to Ningxia Tiandi Benniu Industrial Group Co., Ltd., the implementation of the RCEP has reduced the costs of enterprises. Since the RCEP came into operation, the company has imported more than 56 million yuan of goods, and the tariff preference has helped the company save nearly 1.7 million yuan in costs.

In 2022, a total of 7 enterprises in Ningxia enjoyed the preferential tariffs of the RCEP on their imported goods, with a total value of 104 million yuan. The import trading countries were Japan and Vietnam, with 2.83 million yuan of preferential tariffs being achieved.