KUNMING, Aug. 19 (Xinhua) — A batch of contemporary matsutake mushrooms produced in southwest China’s Yunnan Province departed for Japan earlier this month, having obtained a Regional Comprehensive Economic Partnership (RCEP) Certificate of Origin from Kunming Customs.
“Thanks to the implementation of the RCEP, our exported mushrooms now benefit from a reduced tax rate,” mentioned Bi Chongbao with Chuxiong Prefectural Import and Export Co., Ltd. “These mushrooms, which have entered the Japanese market, are worth about 168,800 yuan (about 23,442 U.S. dollars), with a tariff reduction of 1,350 yuan.”
Since the implementation of the RCEP, the tax fee for matsutake mushrooms getting into Japan has decreased from 3 p.c to 2.2 p.c. It is predicted to proceed to lower sooner or later, serving to to additional scale back the corporate’s buying and selling prices, Bi added.
The RCEP contains 15 members: the ten Association of Southeast Asian Nations (ASEAN) member states, plus China, Japan, the Republic of Korea, Australia and New Zealand. The RCEP was signed in November 2020 and entered into drive on Jan. 1, 2022, with the intention of progressively eliminating tariffs on over 90 p.c of products traded amongst its members.
During the continuing seventh China-South Asia Expo held in Kunming, capital metropolis of Yunnan, officers and enterprise representatives from 9 RCEP international locations, together with China, Cambodia and Australia, attended the Second International Cooperation Forum on RCEP Trade and Investment, specializing in matters associated to the event of regional commerce.
They mentioned the extra open and handy growth setting that the RCEP has delivered to regional financial and commerce cooperation. The focus additionally prolonged to methods for maximizing the RCEP’s advantages and increasing collaboration among the many members.
At the discussion board, Cambodian Ministry of Commerce’s Secretary of State Penn Sovicheat highlighted the numerous potential and alternatives for enterprise and funding introduced by the RCEP settlement.
The RCEP has performed a major position in driving Cambodia’s export progress within the post-pandemic period, mentioned Penn Sovicheat, including that Cambodia regards the RCEP as a method of facilitating commerce, fostering financial progress, diversifying entry to overseas markets, attracting funding and deepening engagement inside regional provide chains and worth chains.
Cambodia is dedicated to selling diplomatic and commerce cooperation amongst RCEP members, Sovicheat mentioned.
The RCEP will help Australian companies and those who have already invested in southwestern China in tapping into the regional worth chain and discovering extra alternatives in neighboring markets, echoed Adelle Neary, the Australian Consul General in Chengdu, capital metropolis of southwest China’s Sichuan Province.
As a beneficiary of rule-based buying and selling techniques, Australia has constantly been an energetic participant within the international commerce techniques and an advocate without cost commerce agreements such because the RCEP, Neary mentioned.
In 2022, commerce between China and different RCEP members elevated 7.5 p.c 12 months on 12 months to 12.95 trillion yuan, accounting for 30.8 p.c of the nation’s whole overseas commerce worth, in response to the General Administration of Customs of China.
In the primary half of this 12 months, the determine totaled 6.1 trillion yuan, up 1.5 p.c 12 months on 12 months, contributing greater than 20 p.c to China’s overseas commerce progress.