Shanghai customs on Wednesday (4/1), noted that during the one-year Regional Comprehensive Economic Partnership (RCEP) agreement, the import-export customs value in the city has exceeded 48 billion yuan (1 yuan = IDR 2,265) by cutting customs tariffs excise tax over 600 million yuan. Thanks to RCEP which directly reduces overall trading costs, the vitality of international trading entities is further stimulated. In the first 11 months of 2022, the City of Shanghai recorded an import-export value with other RCEP member countries of 1.27 trillion yuan, up 0.2 percent on an annual basis and a contribution of 33.2 percent to the city's total import-export value in the long term. the same time. Of the total value, the export value reached 428.2 billion yuan and the import value reached 839.68 billion yuan, debentures 27.4 and 37.1 points respectively proportion to the overall value for the city. With regard to imports-exports under RCEP in Shanghai, Japan and South Korea are also important partners. As of November 2022, Shanghai's total import-export value with the two countries exceeded 550 billion yuan, a fraction of the metropolitan city's import-export value with other RCEP member countries. Data from customs also shows that during 2022, import-export companies in Shanghai are making better use of RCEP. There are more than 1,900 companies benefiting from the agreement, and the scale of cargo utilized ranks first in all of China. Of all these companies, there were 354 companies that entered the markets of other RCEP member countries for the first time through the agreement and 994 companies that had never previously benefited from bilateral trade agreements were able to export and benefit from RCEP. Shanghai Huafon Microfibre Technology Co., Ltd. is a private manufacturing company that imports raw materials from abroad and exports its products.
According to Duan Weidong, general manager of the company, RCEP brings great benefits to the company. Thanks to RCEP, companies can save costs for importing raw materials from Japan and South Korea through reduced customs tariffs. On the other hand, customers in Australia and Indonesia also enjoy many benefits with the RCEP company Certificate of Origin issued by the Chinese side. On January 2, 2023, RCEP was officially enforced in Indonesia. On the same day, Shanghai customs issued its first RCEP Certificate of Origin for export to Indonesia. Shanghai Decent Investment (Group) Co., Ltd. administering more than 1,000 Certificates of Origin for goods exported to Indonesia valued at over US$500 million (US$1 = Rp.15,615) per year. With the RCEP, the company should enjoy a cut in customs tariffs from Indonesia of around 150 million yuan, making related products exported more competitive in the international market.
