Wuxi Customs issues its first RCEP certificate of origin in January. [Photo by Wu Wei for chinadaily.com.cn]
Wuxi in East China's Jiangsu province has formulated measures to help local businesses make full use of the Regional Comprehensive Economic Partnership agreement, local media reported on April 18.
The city will establish an RCEP research center and an RCEP business service center to explore rules about tariff reduction and certificates of origin under RCEP agreements and assist local companies expand their market presence.
An exhibition center for imports from RCEP members will be built in the city to encourage local businesses to expand the import of quality products from these countries and they are also encouraged to establish overseas warehouses in RCEP members.
Wuxi plans to strengthen its exchanges with the trade promotion agencies in countries involved in the RCEP and cooperate with the Hong Kong Trade Development Council and exhibition company Meorient to help competitive products, including mechanical equipment and textile products, tap the market in RCEP member countries.
The city will also increase its imports of high-end industrial intermediate goods and critical equipment, including photoresist and integrated circuit devices, from Japan, South Korea, and Singapore.
The RCEP agreement, which took effect on Jan 1, was signed by 15 Asia-Pacific countries. Over 90 percent of trade in goods among approved member states will be tariff-free, and all member states will significantly reduce restrictions on economic and trade cooperation, facilitate the flow of goods and factors of production, and improve production efficiency.
