Fujian exports to Japan benefit from RCEP in Jan
Customs workers examine exports. [Photo provided by Fuzhou Customs]
Since the Regional Comprehensive Economic Partnership agreement took effect on Jan 1, Fujian's export trade to Japan has benefited a lot.
Statistics showed that in January alone, Fuzhou Customs issued 296 RCEP certificates of origin for exports worth 106 million yuan ($16.74 million) to Japan. The exports mainly included frozen aquatic products, footwear products and chemical products.
For instance, the RCEP certificate of origin was awarded to Fuzhou Mandy Foods Industries Co for almost 400 tons of aquatic products worth about 28 million yuan that will be exported to Japan. When these aquatic items are imported into Japan, they will benefit from tariff savings of around 150,000 yuan.
The implementation of the RCEP agreement aids the company's competitiveness in the market, as overseas buyers favor local items with RCEP certifications of origin.
Therefore, Fujian's special industries have further enhanced their market competitiveness in trade with Japan.
In January, Fuzhou Customs issued a total of 307 RCEP certificates of origin to export goods worth 109 million yuan. Of that, the number of issued certificates and the total value of issued certificates to Japan accounted for 96 percent and 97 percent, respectively.
To date, the RCEP agreement has taken effect in 11 countries, which are China, Japan, Australia, New Zealand, Brunei, Cambodia, Laos, Singapore, Thailand, Vietnam, and South Korea, and will take effect in Malaysia on March 18.