In the early morning of June 2, Haicang Customs issued to Intex Industries (Xiamen) Co Ltd the first certificate of origin for goods exported from Xiamen in Fujian province to the Philippines.
This signifies the implementation of the Regional Comprehensive Economic Partnership (RCEP) agreement in the Philippines, and marks the completion of the implementation process for all 15 member countries.
"The preferential policy of the RCEP for the Philippines, which came into effect today, coincided with the arrival of our batch of water sports loungers. With this certificate of origin, we can enjoy a 1 percent tariff reduction," said the customs officer in charge of Intex Industries (Xiamen) Co Ltd.
It is reported that the Philippines is an important trading partner and export market for Xiamen. The full implementation of the RCEP will provide broader development opportunities for foreign trade enterprises. The Philippines will add zero tariffs on Chinese automobiles and parts, some plastic products, textiles, and clothing, based on the existing zero-tariff agreement in the China-ASEAN Free Trade Area. Tariffs will gradually be reduced from the current 3-30 percent to zero.
Data shows that since Jan 1, 2022, Xiamen Customs has issued 16,951 RCEP certificates of origin for Xiamen-based companies, and that the estimated tariff reduction benefits for importing countries exceeded 70 million yuan ($10.9 million).
To assist companies in fully utilizing the preferential policies of RCEP, Xiamen Customs is actively carrying out targeted policy promotions and informative sessions on tariff reduction. They are also making use of their achievements in smart customs construction to provide services such as certificate deliveries, business guidelines, and tariff reduction inquiries through their WeChat mini-programs.