RCEP helps businesses in Beijing expand overseas market

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Since the Regional Comprehensive Economic Partnership (RCEP) took effect on Jan. 1, 2022, customs authorities in Beijing have continuously improved its services to help businesses expand their overseas market.

According to its statistics, Beijing Customs have issued 4,304 RCEP certificates of origin to 137 companies, with a total value of US$245 million. It is estimated that export companies in Beijing have enjoyed a tax reduction of 16 million yuan (US$2.37 million) for their overseas business.

As an Authorized Economic Operator (AEO) certification holder, Foton Motor has benefited greatly from the RCEP agreement.

With the support of Beijing Customs, the company further explored the Southeast Asian market and increased their competitiveness in its export products, said Gao Ming, an executive responsible for Foton Motor's Southeast Asia market.

From January to November last year, the company exported 1,746 new energy vehicles, up 312.8% year on year.

Since the RCEP took effect, Beijing Customs have simplified a series of procedures and provided guidance and consultations to companies in need.

This year, Beijing Customs will continue to provide personalized services to companies, helping them to expand their markets overseas, said Wang Wei, an official at Beijing Customs.

RCEP is the world's largest free trade deal comprising 10 ASEAN countries, as well as China, Japan, the Republic of Korea, Australia, and New Zealand.

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