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Yesterday, national ports simultaneously processed import and export shipments following the implementation of the “Regional Comprehensive Economic Partnership Agreement,” marking the departure of initial international freight trains bound for RCEP member nations.
At midnight on January 1st, Shenzhen Huanggang Port cleared the nation’s first imported goods under the RCEP accord. A 5.6-ton shipment of reflective film from Japan benefited from reduced tariffs and expedited customs procedures.
In Shanghai, a consignment of gearbox controllers from Japan arriving at the Waigaoqiao port qualified for the RCEP tariff, a 0.4% reduction compared to the previous most-favored-nation (MFN) rate of 7%.
Sang Kaijia, SAIC Volkswagen’s senior logistics and control executive, projected yearly tax savings of 600,000 yuan, with further reductions anticipated. These cost decreases benefit the firm and enhance international product competitiveness.
Early on January 1st, Zhenhua Heavy Industries, Shanghai’s first “approved exporter,” secured the city’s initial RCEP certificate of origin. A global leader in port engineering equipment, Zhenhua Heavy Industry supplies over 60% of its output to international clients, reaching 105 countries and regions.
Liu Chengyun, Zhenhua Heavy Industry’s Chairman, noted annual processing of over 200 export certificates of origin, totaling over $1.3 billion USD. Streamlined self-certification increases efficiency. Estimated tariff reductions approach 4%, benefiting both the company and its customers, significantly boosting export competitiveness.
In Guangxi, the first international freight train to RCEP member states following the agreement’s activation departed from Nanning on January 1st.
The initial train’s speaker products will progressively see tariffs eliminated under the RCEP. Preliminary estimations suggest the 25-container shipment yields approximately $900,000 USD in direct tax savings