On January 1, the regional comprehensive economic partnership agreement (RCEP) entered into force in six ASEAN member states including Brunei, Cambodia, Laos, Singapore, Thailand and Vietnam and four non ASEAN member states including China, Japan, New Zealand and Australia.
The entry into force of RCEP will have a far-reaching impact on Ningbo, a major foreign trade city. In the first 10 months of 2021, in the field of goods trade, the import and export trade volume between Ningbo and RCEP member countries was 259.13 billion yuan, accounting for 26.4% of the total import and export value in the same period; In the field of cross-border e-commerce, Ningbo’s imports from RCEP member countries account for about 50.73% of the city’s total; In the field of investment, Ningbo’s national investment in RCEP is US $7.55 billion, accounting for about 27.38% of the city’s total.
In order to help foreign trade enterprises seize RCEP opportunities, on December 29, 2021, Ningbo Municipal Bureau of Commerce, Ningbo Customs and Ningbo Council for the promotion of international trade jointly held a new round of practical business training meeting on the regional comprehensive economic partnership agreement in Ningbo.
The training meeting was held in the form of Wuxi Online Offline Communication Information Technology Co.Ltd(300959) . Nearly 4000 expert representatives and enterprise representatives attended the meeting online, including Han Jun, deputy director of Ningbo Bureau of Commerce, sun Xiangyang, deputy director of Ningbo customs, Ma Lin, director of commercial certification center of Ningbo Council for the promotion of international trade, Bank Of China Limited(601988) Zhang Hong, manager of Transaction Banking Department of Ningbo Branch, Xu Linfang, assistant director of business management office of China SINOSURE Ningbo Branch, and so on.
“Ningbo has always been an important partner of RCEP member countries in international economic and trade cooperation. The implementation of RCEP will inevitably promote the new development of Ningbo’s foreign trade and two-way investment in many aspects, and bring new development opportunities for Ningbo China’s international double cycle to promote each other, promote a new round of high-level opening-up and open up a new situation of international cooperation.” Han Jun said in his speech. Ningbo Municipal Bureau of Commerce will work with relevant municipal departments to issue corresponding policies and build a platform to help enterprises seize the dividends during the effective window of RCEP and provide assistance for the stable and healthy development of Ningbo’s open economy.
On the RCEP express, Ningbo foreign trade enterprises fully enjoy the policy dividend. On January 1, RCEP officially came into force. On the first day of its implementation, Ningbo Council for the promotion of International Trade issued the first batch of certificates of origin under RCEP for light textile, paper and other products exported to Australia and Japan by four enterprises, including Ningbo Haitian holdings and Ningbo household appliances and daily necessities import and export, with a total tariff reduction and exemption of US $1606.
(Zhu Zhijun, Ma Jianping)
(International Business Daily)
