RCEP injects new life into Chongqing's foreign trade

The Lianglu Cuntan Free Trade Port area of Liangjiang New Area, Chongqing. [Photo/WeChat account of Liangjiang New Area]

Regional Comprehensive Economic Partnership (RCEP) began to take full effect among 10 ASEAN countries and 15 other member countries on June 2, marking a new free trade stage.

This means that more than 90 percent of these countries' export and import tariffs will be reduced to zero, facilitating enterprises in optimizing their industrial layouts in Japan, South Korea, ASEAN countries, and other regions and further boosting their international competency.

Meanwhile, the move will bring substantial development opportunities to Southwest China's Chongqing municipality, an inland opening-up hub. Last year, it recorded 258.53 billion yuan ($36.45 billion) in foreign trade with RCEP countries, a surge of 9.2 percent and 1.7 percentage points higher than the national average.

On the same day, Chongqing Customs issued its first RCEP certificate of origin for Philippine-bounded goods. 

The goods were exported by Senci Electric Machinery Co, whose subsidiaries sell many dynamos and high-pressure washers to overseas clients. The company's annual exports in the Philippines alone stand at 7 million yuan. According to a foreign trade staff member of Senci, RCEP has saved more than 3 million yuan of tariffs for the firm since two years ago.

Statistics show that from January to May this year, Chongqing Customs had signed RCEP certificates of origin for goods worth 330 million yuan collectively, up 48.05 percent.