Photo provided to Xinhua by Suzhou Customs shows the freight train departing from the eastern Chinese city of Suzhou to Lao capital Vientiane, Jan. 11, 2022. (Xinhua)
BEIJING, Jan. 29 (Xinhua) -- The first batch of preferential import goods has arrived in Suzhou Free Trade Zone (FTZ) in east China's Jiangsu Province recently after the Regional Comprehensive Economic Partnership Agreement (RCEP) entered into force on Jan. 1, said Nanjing Customs District.
Up to now, a total of 120 RCEP certificates of origin have been issued in Suzhou FTZ, with a total value of 8.536 million U.S. dollars. With these certificates, goods are expected to enjoy a tariff discount of 273,000 yuan from imported member states.
Rogers Corporation (Suzhou), a special material production supplier, is among the first batch to benefit from RCEP implementation, as the tariff of raw materials and finished products imported from Japan has plummeted, and the production cost has accordingly been cut as well.
The company imported a batch of foam products from Japan, and the commodity tariff rate was reduced from the Most favored Nation (MFN) rate of 6.5 percent to the RCEP agreement rate of 5.9 percent.
It is estimated that around 340,000 yuan of tax reduction in 2022 for the company will be conducted in Suzhou FTZ after RCEP took effect, said Liu Qiang, a logistics manager of the company.
"With the help of RCEP preferential policies, we can actively explore the market, enhance the stability and resilience of the industrial and supply chains, and improve our own economic benefits and competitiveness," Liu said.
(Edited by Tian Shenyoujia with Xinhua Silk Road, tianshenyoga0524@163.com)
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