According to data released by Hainan Customs on June 3, in the two years since the RCEP (Regional Comprehensive Economic Partnership Agreement) came into effect, Hainan foreign trade companies have received a total of 1,594 RCEP Certificates of Origin, resulting in a visa amount of 1.313 billion yuan (about 182 million USD) and around 65 million yuan in tariffs (around 9.03 million USD), significantly improving the international competitiveness of the province’s export products.
Business Wins
The Hainan Quanyi Food Company recently made use of a RCEP Certificate of Origin issued by Haikou Customs to reduce the tariffs on 765,000 yuan (around 106,000 USD) worth of frozen sea eel fillets exported to Japan from a tariff rate of 3.5% to a rate of only 2.2%, a 37.1% reduction. “This is the fourth time that Japan has reduced the tax rate for our products,” said the head of the company. “RCEP benefits will continue to roll out until a zero tariff rate is achieved. We will save tens of thousands of yuan in tariffs on this shipment alone.”
Customs provided guidance to Hainan Jinhai Pulp & Paper, which became the first RCEP approved exporter in Yangpu, Danzhou. Thanks to the policy, 1,213 declarations of origin were independently issued for products valued at around 490 million yuan (around 68.06 million USD), reducing taxes by around 19 million yuan (about 2.64 million USD) nd significantly improving the efficiency of the company’s exports to ASEAN nations.
RCEP visa numbers are rising every year, along with the number of companies benefiting from the program and the percentage of tariff reductions. In the future, Hainan Customs will continue to promote trade facilitation measures such as smart Certificate of Origin review, paperless customs declarations, and self-service printing in order to help companies smoothly enter the RCEP market, enhance the international competitiveness of Hainan’s foreign trade companies, and help ‘Made in Hainan’ brands rapidly expand overseas.