In the year of the Tiger, shandong signed the important document in 48 seconds

2022-06-16 0 By

The signed “certificate” is heavy — it is estimated that shandong enterprises can reduce the two-way import and export tariff to South Korea by another 24 million yuan per year!The certificate was also issued with remarkable speed – 48 seconds in the year of the Tiger, in less than a minute!This is the RCEP certificate of origin for South Korea. RCEP will officially take effect on South Korea at zero o ‘clock on February 1, which means shandong enterprises can enjoy more tariff preferences, and Shandong’s import and export trade will be like a tiger with added wing.The clock just rang in the Year of the Tiger — Shandong signed the first RCEP certificate of origin with South Korea. RCEP is effective for South Korea, and shandong enterprises can reduce two-way import and export tariffs by another 24 million yuan each year. Application – review – Receipt – signature – seal!Zero 48 seconds, the year of the tiger Spring Festival in China – Shanghai cooperation organization (sco) local economic and trade cooperation demonstration zone of the customs certificate of origin ShenQian center, Qingdao customs subordinate jiaozhou customs in just less than a minute, for Qingdao lai jia rong garment co., LTD., are exported to South Korea issued a batch of jeans RCEP (regional comprehensive economic partnership agreements) certificate of origin.At midnight today, THE RCEP officially went into effect for the ROK, making this certificate of origin the first RCEP to the ROK.On New Year’s Eve, no menu to order, what makes the head of the enterprise so “dedicated”?In addition to the New Year to get a good fortune, the company’s general manager Zhang Shijie returned to the reporter calculated a bill.”With this certificate of origin, the tariff on goods arriving in Korea will be halved from 13 percent to 6.5 percent.Our batch of jeans is worth 170,000 yuan, and when we go through customs clearance in South Korea, we can save more than 10,000 yuan of customs duty.We exported more than 22 million won to Korea last year, so we can save 1.4 million won per year.The certificate of origin obtained by Zhang Shijie is vividly known as the “economic passport” for export goods in international trade.With it, can enjoy foreign tariff reduction and other preferential treatment.”The cooperation between Shanghai Cooperation Demonstration Zone and Qingdao Customs is to help enterprises make better use of rules of origin, reduce costs and increase profits.”Shanghai cooperation demonstration area party working committee member, management committee deputy director to Zhiqiang said.In 2021, shandong’s total import and export to South Korea reached 269.55 billion yuan, up 29.7% year on year.After the RCEP takes effect in the ROK, Chinese companies can enjoy lower tax rates on some garments, starch dextrin, shortening and other products exported to the ROK by presenting certificates of origin.At the same time, China’s imports of electric motors, vehicle parts and other products from the ROK will be subject to further tax cuts.Thanks to the release of RCEP policy dividends, Shandong’s import and export trade has grown like a tiger.Since the RCEP officially came into effect on January 1, Qingdao Customs has issued RCEP certificates of origin for 4,589 batches of export goods. A total of 1.54 billion yuan of goods have been imported and exported with other RCEP member countries through Qingdao Customs, and enterprises have received tax concessions of about 16 million yuan.According to the estimation of Qingdao Customs, after the RCEP takes effect on the ROK, on the basis of several rounds of tax reductions under the Asia-Pacific Trade Agreement and the China-ROK Free Trade Agreement, shandong enterprises will be able to reduce their two-way import and export tariffs with the ROK by another 24 million yuan annually.Bi Haijun, director of The Customs Duty Division of Qingdao Customs, said, “We will compare and analyze the list of tax reductions with foreign trade data, and promote RCEP policies to enterprises, so as to help Shandong serve and integrate into the new development pattern.”Zhang Shijie, who thought his business was not doing well due to the COVID-19 outbreak, has received a series of favorable policies from the government in the past two years, which has not only restored his confidence, but also made him full of hope for the future of his company.”The RCEP tariff concession will reduce tariffs by 290,000 yuan per year compared to the most favorable rates previously applied in the Asia-Pacific trade agreement.””This year, we will increase exports to Korea by 10 percent year-on-year,” Zhang said.After RCEP takes effect in South Korea, Shandong will gain new opportunities in standardizating international high-level economic and trade rules and accelerating institutional opening-up.Weihai high ink trade co., LTD is mainly engaged in exports to Korea shortening business, due to the need of shortening processing import palm oil from Thailand and asean countries, both China and South Korea fta rules of origin, and only in the territory of China of oil crops as raw materials to label China a country of origin, so the enterprise can’t enjoy preferential tax both China and South Korea free trade agreement.”The rule of origin for shortening under RCEP is no less than 40 percent of the regional value component, which is much lower than the threshold set under the China-ROK FTA.”According to the rules of origin accumulation under RCEP, palm oil of Thai origin used in a company’s processing can be regarded as an ingredient of origin, so that the company can obtain the RCEP origin qualification and apply a more favorable agreement tax rate in South Korea for its shortening export, said Wang Jingya, a customs officer of Weihai Customs Integrated Business Section 1 under Qingdao Customs.”Starting from February 1, our import duty on shortening will be reduced from 8 percent to 7.2 percent, and zero tariff after 10 years.”Meng Fanguang, head of the company, said that for the shortening industry, which does not have high profits, being able to enjoy the preferential tariff will help the export of enterprises to increase significantly.Qingdao shengda commerce and Trade Co., Ltd. will also be one of the enterprises to benefit.After RCEP came into effect in South Korea, the import tax rate of dextrin and modified starch exported by Qingdao Shengda Trading Co., Ltd. in South Korea was reduced from 8% to zero tariff, and the export competitiveness of the company in South Korea was significantly improved.Xu Zheng, director of documents department of Qingdao Shengda Trading Co., LTD., said that the export value of dextrin and modified starch to South Korea is expected to reach about 60% in 2022.”After the RCEP takes effect in South Korea, Shandong will further optimize and consolidate the industrial chain pattern with complementary advantages in strengthening china-Japan-ROK cooperation, so as to enhance its ability to allocate resources in both domestic and international markets.”Bi Haijun, director of Customs Duty Department of Qingdao Customs, said that in the next step, Qingdao Customs will work with ccPIT to strengthen data comparative analysis and targeted promotion of tariff concessions and other policies, constantly optimize the mode of origin management, and promote foreign trade enterprises to make good use of the new opportunities of RCEP to achieve higher-level opening-up and higher-quality development.Source: Dazhong Daily