According to Beijing Customs, the Regional Comprehensive Economic Partnership (RCEP) came into effect in Malaysia on March 18, 2022 when Zhongguancun Customs under Beijing Customs issued the RCEP Certificate of Origin for 24 trucks exported by Beijing Foton International Trade Co., Ltd., marking the first one to Malaysia from Beijing.

Bringing more opportunities to exporters

The trucks exported by Foton to Malaysia were subject to an import tariff rate up to 30 percent according to the Malaysian import policies. However, by securing a RCEP Certificate of Origin from China's General Administration of Customs, the import tariff rate could be lowered to 5 percent, saving about CNY 40,000 for each truck, and making it more competitive in the market. With the RCEP agreement in effect, the import tariff rate for trucks will be reduced year by year to to zero finally, which will help Chinese enterprises to explore the Southeast Asian market.

At present, RCEP has come into force in 12 of its 15 signatories. As China is the largest trading partner of Malaysia, RCEP will help to unleash greater potential of foreign trade between China and Malaysia, and bring more opportunities to exporters.

Introductory sessions benefiting 1,600+ enterprises 

After the implementation of RCEP, Beijing Customs has continuously optimized the model to perform centralized review and issue certificates locally for places of origin for export, and further facilitated services such as self-service printing, appointment making, and mailing delivery. Dedicated service desks have been set up and designated personnel sent on site to issue the RCEP certificates of origin. Also experts have been arranged to provide consulting and guidance on relevant policies for approved exporters.

Meanwhile, Beijing Customs has worked vigorously on popularizing RCEP policies among import and export enterprises, with online and offline targeted introductory sessions organized on four policy topics including the schedule of tariff concessions and the applicability of rules of origin. More than 1,600 import and export enterprises have been benefited.

As RCEP signatories continue to grow, Beijing Customs will take various measures to promote the thorough implementation of RCEP in Beijing, constantly optimize the facilitation measures for enterprises at the places of origin, and assist them in making full use of economic and trade rules. It will help enterprises benefit from preferential tariff policies, enhance the development of foreign trade, and thus promote the high-quality development of Beijing's economy.

(Source: Chinanews.com)