The Regional Comprehensive Economic Partnership Agreement (RCEP) took effect in South Korea on February 1.
In 2021, Gongbei Customs issued nearly 14,000 preferential certificates of origin (C/O) with goods valued over 5 billion yuan in total to export enterprises in Zhuhai and Zhongshan which export goods to South Korea. The number of the certificate and total value grew by about 7.8% and 18.3% year on year respectively. Exports mainly included printing supplies, automobile parts, household appliances, and musical instruments.
Under the RCEP program, in addition to tax reductions set out in China-South Korea Free Trade Agreement, South Korea will implement zero tariffs on such products as velvet antler and dextrin exported from China, and will reduce taxes on dried scallops, clothing, and ceramic tiles from China, according to Gongbei Customs.
Gongbei Customs reminds enterprises exporting to South Korea to research the RCEP rules and tariff reduction quickly so as to make full use of the benefits from the relevant policies.