- About Wuxi
Recently, 15 countries including China, ten ASEAN countries, Japan, South Korea, Australia and New Zealand signed the Regional Comprehensive Economic Partnership (RCEP). The free trade zone with the largest population, the largest economic and trade scale and the most development potential in the world was officially set up. Wang Xing, Director of the Wuxi Municipal Bureau of Commerce, said that RCEP would undoubtedly bring more new opportunities to Wuxi. As a result of RCEP, about one-third of the economic aggregates in the world will develop an integrated market, in which companies can enjoy preferential policies to a greater degree and more conveniently, citizens can buy imported products at lower prices and Wuxi can further optimize the layout of export and investment.
The most distinct result of RCEP is undoubtedly tariff reduction. The person in charge of Wuxi Customs said that based on the average tariff reduction of 5% of importing countries, the tariff reduction for export goods last year was about 95 million US dollars. Once RCEP takes effect, more than 90% of the goods trade in Wuxi will eventually achieve zero tariff, which will benefit more industries. Previously, imported raw materials requires a tariff of 8%. According to RCEP, cost of imported raw materials of JCET Group is expected to be reduced. The company's packaging and processing quotations will have an advantage over competitors in regions such as Taiwan, so as to further improve the corporate profitability.
Mr. Wang Xing said that with the implementation of RCEP, Wuxi could have deeper technical cooperation with Japan, South Korea and other member states in advanced equipment, key components and other aspects and upgrade the industrial chain to a higher level. While attracting foreign capital, Wuxi enterprises can also better go global.
There is no doubt that the RCEP will bring more open opportunities to Wuxi and make Wuxi a great beneficiary. Mr. Wang Xing said that on the one hand, Wuxi will cooperate with advanced think tanks to provide policy training for enterprises; on the other hand, Wuxi will formulate guiding policies from the perspective of the government to support enterprises in developing a global market. Wuxi will also deepen the cooperation with countries included in the RCEP, especially in technology R&D, brand channel and headquarters economic development.