Ningbo to benefit from milestone RCEP

Shen Qihui, president of the Ningbo Chamber of Commerce in Cambodia, said that Ningbo enterprises with factories in Southeast Asia will be exempt from tariffs when importing raw materials.

The tax exemption will grant their commodities a price advantage when they are sold to countries such as Japan and South Korea, he said.

According to Shen, the Ningbo Chamber of Commerce in Cambodia is made up of around 60 enterprises from Ningbo, and the garment companies among them still rely on imported fabric from China.

"The RCEP will greatly reduce transaction costs incurred when importing and exporting commodities and will give people more freedom to select commodities from all over the world,” said Wu Jun, general manager of Bowen Import and Export Co Ltd, a local foreign trade company.

The agreement is also expected to fuel Ningbo's ambitious plan to build the city into an international trade hub.