First RCEP certificate issued to firm in Jiangsu FTZ for exports to South Korea

2022-02-11 15:25:00

Suzhou Industrial Park Customs House, subordinate to Nanjing Customs District, issued the first certificate of origin under the Regional Comprehensive Economic Partnership (RCEP) agreement for exports to South Korea on February 7, days after the agreement entered into force in the country on February 1.

Vesuvius Advanced Ceramics (China), located in the industrial park, exported ceramics worth $139,000 to South Korea, and is estimated to save the cost of 70,000 yuan thanks to the lowered tariffs from 8% to 0% under the agreement.

Since the RCEP agreement came into effect one month ago, Nanjing Customs has issued 159 certificates of origin for 32 exporters in the Jiangsu Pilot Free Trade Zone, which consists of the Nanjing Area, the Suzhou Area and the Lianyungang Area. The goods had a total market value of $10.67 million and enjoyed a tariff reduction of 670,000 yuan.