Aerial view of the Haikou Container Port in Hainan Province. (Photo: Zhang Mao / Hainan Daily)

Since the implementation of the Regional Comprehensive Economic Partnership (RCEP) on January 1, 2022, Haikou Customs has issued 1,740 RCEP certificates of origin (as of October 2024). These certifications, covering goods valued at 196.31 million USD, have enabled enterprises to save approximately 9.81 million USD in import tariffs. A total of 38 businesses have benefited from these policies, with two certified as approved exporters, and 958 origin declarations independently issued by enterprises.

The issuance of RCEP certificates has grown steadily year by year, benefiting more enterprises and resulting in greater tariff reductions. This reflects the increasing value and utilization of RCEP’s preferential trade policies.

As the world’s largest free trade agreement in terms of population and economic scale, RCEP is designed to eliminate tariffs on over 90% of goods traded among its member countries.

On November 15, the RCEP marked its fourth anniversary. The agreement continues to deliver substantial benefits to member states, stimulating trade, strengthening regional supply chains, and improving the competitiveness of export products.

Hainan Xinlong Nonwovens Co., Ltd., a prominent producer of nonwoven fabrics primarily exported to Japan, serves as a recent success case. Haikou Port Customs issued an RCEP certificate of origin for one of its shipments valued at 40,062.44 USD, showcasing how local enterprises benefit from streamlined trade policies.

“With the RCEP certificate issued by customs, the import tariff on this shipment will drop from 4.3% to 2.7%, a 37.2% reduction,” explained a company representative. “Since the RCEP’s implementation, Japan has reduced tariffs on our products four times. Further benefits are expected as tariffs gradually drop to zero.”

Between January and October 2024, the company applied for 210 RCEP certificates of origin for goods valued at 7.05 million USD. These certifications are expected to bring tariff savings of over 111,900 USD in destination markets.

To maximize the benefits of RCEP for enterprises, Haikou Customs provides tailored, one-on-one support, offering intelligent tariff planning and helping businesses take full advantage of the agreement.

Haikou Customs will continue advancing reforms such as intelligent certificate auditing, paperless applications, and self-service printing. It will also assist enterprises in integrating into the RCEP market, expanding the pool of approved exporters, and enhancing the international competitiveness of Hainan’s foreign trade businesses.