Guizhou to benefit from RCEP for tariff reliefs

According to the Regional Comprehensive Economic Partnership (RCEP), which will take effect on Jan 1 next year, more than 90 percent of trade between China, Japan, New Zealand, Australia, Brunei, Cambodia, Laos, Singapore, Thailand and Vietnam will enjoy tariff reductions or exemptions.

Since the beginning of this year, Guiyang Customs in Guiyang, capital of Southwest China's Guizhou province, has been holding training sessions and lectures to promote RCEP tax policies among foreign trade companies.

From January to November, Guiyang Customs issued 3,218 certificates of origin to goods exported to RCEP member countries, an increase of 8.2 percent year-on-year.

According to the RCEP's accumulation rule, a product made in one member country with materials originating in other member countries can still be recognized as originating in the said member country.

This rule will help lower the requirements for tariff reductions, enhance cooperation between RCEP member countries, stabilize industrial supply chains, optimize regional resource allocation, increase the international competitiveness of products, and promote industrial transformation and upgrading.

For example, within the first 10 years of the RCEP taking effect, tariffs on some of Guizhou's mechanical and electrical products exported to Japan will be gradually eliminated.

The RCEP will also launch a system to approved exporters according to the highest international standards. Based on company and production qualifications, companies approved by customs can issue certificates of origin on their own, without needing to apply to customs.