Shandong seizes RCEP opportunities to boost foreign trade

(| Updated : 2022-09-14

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Since the Regional Comprehensive Economic Partnership (RCEP) agreement, which is the world's largest trade deal, came into effect, Shandong has seized the opportunity to smooth out international logistics, facilitate customs clearances, and witnessed sustained and rapid growth of foreign trade.

Official statistics indicate that in the first half of this year, Shandong's trade with the other 14 RCEP members reached 587.47 billion yuan ($83.71 billion), which accounted for 37.3 percent of Shandong's foreign trade total during the period.

The Association of Southeast Asian Nations (ASEAN) is Shandong's largest trading partner, and Japan and South Korea are close to the international market where Shandong enterprises have been deeply involved. The establishment of RCEP has brought about numerous opportunities for Shandong's opening-up and development, according to local officials.

According to industry experts, RCEP has for the first time established a tariff reduction arrangement between China and Japan, and the two sides have significantly reduced each other's tariffs in machinery and equipment, electronics, chemicals, light industry and textiles and other sectors. Tariffs on 2,034 exported goods were reduced to zero in the first year, which has significantly boosted trade.

RCEP's certificates of origin have also given more enterprises the opportunity to enjoy tariff concessions.

In the first half of this year, Shandong customs issued RCEP certificates of origin to a total of 59,000 batches of exported goods worth 18.39 billion yuan, ranking first in China.