Chongqing-Indonesia trade begins to benefit from RCEP

A special window is created for RCEP-related consultancies in Lianglu Cuntan customs. [Photo/WeChat account of Liangjiang New Area]

The Regional Comprehensive Economic Partnership (RCEP) was put into force in Indonesia on Jan 2. On the same day, the Lianglu Cuntan customs based in Linagjiang New Area in Southwest China's Chongqing municipality signed an RCEP certificate of origin for Chongqing Kibao Power Co, which conducts business with Indonesia.

It was the first RCEP certificate of origin for China-Indonesia trade signed in Chongqing, and involved a deal worth more than 450,000 yuan ($64,620).

"We export over 60 million yuan in goods to Indonesia every year. The customs staff members have helped us compare the tariff reduction policy differences under different trade agreements," said Zou Rui, the firm's foreign trade manager.

It has been a year since RCEP took effect, and so far, Chongqing has signed 1,237 RCEP certificates of origin, with the total value of goods reaching $504 million. The goods include picked mustards, biologicals, raw materials for medical use, textiles, and chemical supplies.

RCEP has boosted regional confidence in foreign trade. Data suggested that over the first 11 months of 2022, Chongqing's trade with RCEP member countries increased 9.9 percent year-on-year to 233.62 billion yuan.