The RCEP Comes Into Effect, And The Economic And Trade Exchanges Between Henan Province And Its Member Countries Are Closer

"RCEP is releasing more and more policy dividends. In order to seize this opportunity and make full use of the new rules, we took part in the RCEP series of special training courses organized by Henan Provincial Department of Commerce in June last year. We learned a lot of professional knowledge, saved costs in practical operation and improved market competitiveness." On April 7, the person in charge of Xinxiang Chemical Fiber Co., Ltd. said.

Through the application of RCEP rules, in March this year, Xinxiang Chemical fiber imports 850000 yuan worth of textile fiber oil from Japan, saving more than 30000 yuan of import tariff, Moreover, the customs clearance time is greatly shortened.

It is reported that after RCEP came into effect, Henan Province has closer economic and trade exchanges with RCEP member countries. In the first two months of this year, 134 enterprises in the whole province have obtained 577 RCEP certificates of origin, with a value of about 260 million yuan. It is estimated that they can enjoy tariff concessions of about 1.19 million yuan from nine RCEP member countries, including Japan, Thailand and Vietnam.

It is understood that in order to do a good job in the implementation of RCEP and actively connect with the new rules of RCEP economy and trade, before the end of last year, Henan Provincial Department of commerce took the lead in formulating the action plan for the implementation of regional comprehensive economic partnership agreement in Henan Province, which provides reference and guidance for all localities and departments to seize opportunities and accurately implement policies and enterprises to explore the market of RCEP member countries.

In order to help enterprises familiarize themselves with RCEP rules as soon as possible, Henan Provincial Department of commerce actively publicized the significance of RCEP implementation to grass-roots business departments and foreign trade enterprises, focusing on the impact of RCEP on agriculture, textile, machinery, chemical industry, electronic information, light industry and other related industries, services and investment, so as to guide enterprises to timely grasp the relevant rules of RCEP and to deeply understand the policy dividend brought by RCEP, We should make full use of the tariff reduction policies among Member States, continuously improve the competitiveness of the international market, and better layout the diversified international market.

The Department of Commerce of Henan Province has also guided training institutions with relevant qualifications to connect with various cities, organized online and offline special training courses for RCEP, and released the recommended list of international exhibitions in Henan Province in 2022, including more than 40 key exhibitions involving RCEP member countries.

It is worth mentioning that under the guidance of Henan Provincial Department of Commerce, Henan RCEP Enterprise Service Center has been established in Zhengzhou area of Henan pilot free trade zone. The center will provide enterprises with "one-stop" foreign-related comprehensive services such as certificate of origin, commercial certificate, export tax rebate, commercial law, etc., and provide RCEP trade rules, trade risk analysis report of key member countries, and tariff inquiry of agreements. At present, Zhengzhou area has set up a provincial RCEP enterprise service area in the government hall, and the departments of market supervision, customs, taxation, trade promotion and foreign-related laws have settled in and carried out business.

In addition, the Department of Commerce of Henan Province has made continuous efforts in optimizing two-way investment facilitation, accelerating the development of digital trade, and developing cross-border e-commerce with high quality, and strengthened communication and cooperation with Guangxi in RCEP cooperation.

In terms of strengthening financial security, Henan Provincial Department of commerce actively implemented the requirements of the notice of the general office of the China Banking and Insurance Regulatory Commission on doing a good job in the work related to the high quality implementation (RCEP), and conscientiously implemented the domestic laws, regulations and normative documents corresponding to RCEP's mandatory obligations by referring to the RCEP financial service annex and the RCEP Chinese list commitment form, In regulatory practice, ensure that administrative measures and procedures comply with the agreed obligations.

Since 2022, Henan Branch of the Export Import Bank of China has issued a total of 5.912 billion yuan of loans for foreign trade industry, with a balance of 43.275 billion yuan, an increase of 3.637 billion yuan or 9.18% over the beginning of the year; SINOSURE Henan branch increased the export support of Henan enterprises to RCEP member countries, and supported 84 enterprises to export US $170 million to RCEP member countries, with a year-on-year increase of 43.01%; The satisfaction rate of export trade insurance limit was 99.5%, 5.5 percentage points higher than that of the same period last year.

(source: International Business Daily)