Rising RCEP deals in

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A wave of initial deals swept across China’s exporting provinces in the first week of implementation of the Regional Comprehensive Economic Partnership (RCEP) pact, as companies across China are thrilled at the tangible RCEP benefits.

Some believe the boost delivered by the recently implemented mega trade deal is similar to that of WTO accession, with some even announcing plans to shift their market focus to fully tap into the opportunity.

Statistical projections by a top Chinese think tank that the deal is expected to lift regional exports by 18.3 percent by 2035 match the experience of businesses, with some exporters and importers providing a detailed account of how the deal has helped them save money, and perhaps more importantly, time.

In some circles, “certificate of origin” has become a buzzword for trading company executives, trade officials and industry players across China, from coastal ports to inland provinces. Some were even planning a shift in their business focus to fully target benefits brought about by the RCEP.

Hainan Yanghang Industrial Company in South China’s Hainan Province was among the first enterprises to enjoy the zero tariff policies under RCEP. On January 1, the company was issued a RCEP certificate of origin by Haikou customs.

“With this certificate, a shipment of aluminum sulfate worth 46,301 yuan ($7,260) we export to Japan now enjoys zero tariff treatment, with a tax reduction of about 2,315 yuan,” said Li Xiaotao, head of the company, on Thursday.

“In 2022 we plan to expand the market of RCEP members and expect that our exports to increase several times over from last year,” Li said.

Since the RCEP officially came into force on January 1, the China Council for the Promotion of International Trade (CCPIT) issued 275 RCEP certificates of origin for 135 Chinese enterprises from 18 prov