The implementation of the Regional Comprehensive Economic Partnership (RCEP) agreement ushers in a new wave of growth for cross-border trade in Hubei Province.
Since the RCEP trade pact came into effect on Jan. 1, 2022, Wuhan Customs has issued a total of 298 RCEP certificates of origin worth 120 million yuan.
"In the first month after RCEP came into effect, the company enjoyed a preferential tariff of 550,000 yuan. It is estimated that 3.56 million yuan in tariffs can be reduced this year," said Sun Yingwei, customs manager of Hubei Gold Dragon Nonwoven Fabric Co., Ltd. In January, the company received the largest number of RCEP certificates of origin in Hubei.
Consisting of 15 Asia-Pacific countries -- the 10 members of the Association of Southeast Asian Nations and their five large trading partners: China, Japan, the Republic of Korea, Australia and New Zealand, the RCEP forms the world's largest free trade area.
As the RCEP deal comes into force for the Republic of Korea and Malaysia from Feb. 1 and Mar. 18, it is expected to further bolster economic and trade cooperation between Hubei and RCEP members. ( Source: en.hubei.gov.cn)