On February 1, the world’s largest free trade agreement, the Regional Comprehensive Economic Partnership (RCEP), officially came into effect for South Korea.
On the morning of New Year’s Day, Hangzhou Customs issued Zhejiang’s first certificate of origin for export to South Korea under RCEP. With this certificate, Yiwu Aipi Supply Chain Management Co., Ltd.exportsknitted sweaters, scarves and other goods worth 48,000 yuan to South Korea, and can enjoy them in South KoreaTariff is reduced by about 4,800 yuan.
Our country is South Korea’s largest trading partner, largest export market and largest import source country. Previously, China and South Korea have signed and implemented the “Asia-Pacific Trade Agreement” and the “China-South Korea Free Trade Agreement”. After RCEP takes effect on South Korea, the economic and trade relations between China and South Korea will become closer. The final zero-tariff products of the two countries will reach 86 %.
Estimated trade volume of textile exports from our province to South Korea in 2021. In the first year of implementation, RCEP can save tariff costs for textile enterprises in our province by more than 25 million yuan. After the tariff is reduced to zero, the saved tariff costs are expected to exceed 300 million yuan. Yuan.
In order to implement the RCEP into effect in South Korea, Hangzhou Customs compiled the “Guide to Enjoy Free Trade Agreement Benefits During the “14th Five-Year Plan”” for the province’s export enterprises in view of the overlap of the three free trade agreements between China and South Korea. , compiles the RCEP tariff reduction arrangements for key industries and major import and export products in our province and various cities, focuses on interpreting the comparison of tax reduction policies between RCEP and existing agreements, and provides enterprises with a clear guide to benefits.
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