RCEP a boon for Ningbo foreign trade
Ningbo Customs officials examine enameled wire to be exported from the city. [Photo/cnnb.com.cn]
Ningbo Customs issued its first Regional Comprehensive Economic Partnership (RCEP) certificate of origin for Ningbo Jintian Copper (Group) Co Ltd on Jan 1.
With the certificate, the import tariff rate levied by Japan, a RCEP member country, on the enterprise's enameled wire will be cut by 0.4 percentage points.
After the RCEP took effect on Jan 1, more than 90 percent of goods trade between member countries will eventually enjoy zero tariffs.
The agreement's implementation is expected to give a strong boost to international trade in Ningbo.
Nouryon Chemicals (Ningbo) Co Ltd imports nearly 20,000 to 30,000 metric tons of chemical raw materials, more than 70 percent of which come from RCEP member countries.
The implementation of the RCEP will save the business 2 percent in tariffs, said a staffer at Nouryon.
From January to November last year, Ningbo's import and export volume to other RCEP member countries reached 286.71 billion yuan ($44.1 billion), accounting for 26.3 percent of the city's total during the period, official statistics from Ningbo Customs show.
This means more than a quarter of Ningbo's imports and exports will be subjected to zero tariffs in 10 years.
The RCEP involves 10 ASEAN member states, China, Japan, South Korea, Australia and New Zealand. The 15 states account for about 30 percent of the world's total population, gross domestic product and trade.