A gantry crane loads containers onto a freight train in Nanning international railway port in south China's Guangxi Zhuang Autonomous Region, Dec. 31, 2021. (Xinhua)
BEIJING, Aug. 5 (Xinhua) – With the formal entry into force of the Regional Comprehensive Economic Partnership (RCEP) early this year, the application and development of digitalization under the RCEP agreement has continuously unleashed more policy dividends for Chinese enterprises, injecting vitality for China’s foreign economic and trade cooperation, reported Economic Information Daily on Friday.
Specifically, the application of digital technology in trade under the RCEP agreement increases the certificates of origin (C/O) issued by exporters or producers, which further improves the level of trade facilitation.
According to the latest data from Chinese Customs, the trade volume between China and RCEP member states increased by 5.6 percent year-on-year during the January to June period this year. During the same period, 56,800 RCEP certificates of origin were issued by the China’s national trade promotion authorities, involving a total value of 2.732 billion U.S. dollars, with expected tariff reduction and exemption for enterprises exceeding 40 million U.S. dollars.
Taking east China's Shandong province, which ranks first in the number of certificates of origin issued across China in the first half of the year, as an example, digital services provide greater convenience for local enterprises to enjoy RCEP dividends.
For example, the RCEP enterprise service center in Shandong has further simplified the issuance process of certificates of origin for enterprises by applying digital technology, shortened the review procedures of certificates, and improved the efficiency of customs clearance of goods for export.
At the same time, digitalization has also promoted the implementation of RCEP's trade facilitation, benefiting more Chinese enterprises from foreign trade.
A comprehensive RCEP central purchasing and barter center was established at the 2022 High-level Forum for RCEP Economic and Trade Cooperation recently held in Qingdao, a port city in Shandong Province, aiming to build a digital-driven comprehensive foreign trade service platform that serves the procurement and supply needs of RCEP member countries.
As the world's largest free trade agreement came into effect early this year, the agreement has continuously provided impetus for global economic development, and is expected to continue to inject vitality into global trade in the future. (Edited by Jiang Feifan with Xinhua Silk Road, 346129473@qq.com)
A single purchase
