Guizhou imports benefit from RCEP policies

Gui'an New Area Customs, part of Guiyang Customs in Southwest China's Guizhou province, has successfully reviewed the first customs declaration form for imports benefited from preferential policies related to the Regional Comprehensive Economic Partnership Agreement (RCEP) in Guizhou.

This batch of goods consists of a shipment of raw materials imported by a new energy technology enterprise. The goods have already been inspected and released.

After obtaining the certificate of origin, the import duty paid for the imported goods is reduced from the original 6.5 percent to 5.3 percent. Under the RCEP rules of origin accumulation, finished products processed by enterprises will also enjoy more tariff reductions when exported.

This provides opportunities for enterprises to strengthen research and development as well as to upgrade and develop.

To help Gui'an's enterprises enter the RCEP market, Guiyang Customs issued 10 measures to support the high-quality development of Gui'an in 2023.

Gui'an Free Trade Zone and Gui'an New Area Customs have conducted policy research based on actual conditions and promoted RCEP-related policies among enterprises in focusing on origin rules, tax reductions, and approved exporter systems.

RCEP not only reduces the tariff costs of cross-border trade among member countries, but also reduces tariffs for enterprises, promoting the low-cost and efficient flow of goods and manufacturing raw materials.

In the future, Gui'an New Area Customs will continue to strengthen research on RCEP rules, enhance policy promotion, provide targeted guidance to key industries and enterprises, and help enterprises better understand and make use of the RCEP agreement.

At the same time, Gui'an Free Trade Zone will make the most of its advantages in terms of location, opening-up, and industrial development, coordinate domestic and international markets and resources, and promote reciprocal trade, trade in service, and investment cooperation between Gui'an Free Trade Zone and other RCEP member countries.