Ningbo textile and apparel companies “nugget” RCEP dividends
The world’s largest free trade zone – RCEP (Regional Comprehensive Economic Partnership Agreement) has been in effect for more than a year, allowing many Ningbo foreign trade companies to enjoyTariff reduction and exemption, investment facilitation and other policy dividends, among which the performance of textiles is particularly “dazzling”.
In 2022, Ningbo Customs issued 7,821 RCEP certificates of origin involving textiles and clothing, with a value of US$369 million, accounting for 31.92% and 33.61% of the total number of certificates issued and value of goods respectively. Behind this is the contribution of Ningbo Customs’ “one enterprise, one policy” targeted guidance, and it also reflects the industrial characteristics of Ningbo’s textile and clothing industry.
Winding, warping, sizing, reeding, weaving, finishing… In the Vietnam factory of Shenzhou International, the world’s largest vertically integrated knitting manufacturer, workers are shuttled through the assembly line. Rolls of fabric made here will be transported to Ningbo, and then go through processes such as printing, embroidery, cutting, and sewing, and then made into ready-made clothes for sale overseas.
Shenzhou International has been present in Southeast Asia for 10 years. According to the company manager Wang Wei, Shenzhou International imports raw materials from Vietnam and then exports to Japan. After Ningbo Customs publicity, they learned that since China, Vietnam, and Japan are all RCEP members, the company’s finished products can apply for a certificate of origin using the RCEP regional accumulation rules and enjoy tariff concessions.
Throughout 2022, Ningbo Shenzhou Knitting Co., Ltd. used the RCEP regional accumulation rules to successfully apply for 493 RCEP certificates of origin with a value of US$84.51 million.
A group of Ningbo textile and garment companies have become approved exporters and obtained “green passes” from RCEP countries.
After being recognized by the customs, Shidanu became the first approved exporter in Ningbo after RCEP came into effect, and was also the first enterprise in Ningbo to independently issue a certificate of origin under the RCEP agreement.
By the end of 2022, 15 companies in the Ningbo area have independently issued 1,513 RCEP declarations of origin through approved exporter certification, with a value of US$3.185 million.
In order to meet the needs of enterprises for “handling at a nearby location” and “handling with high efficiency”, Ningbo Customs provides one-on-one guidance to enterprises on how to authorize the seal signature system. At present, more than 73% of Ningbo Customs RCEP certificates of origin have passed the machine review quickly, and 94% have been self-printed, greatly improving the issuance efficiency.
“RCEP has enhanced our competitiveness in exporting to Japan. With self-service printing, we can print the certificate of origin on demand at zero cost, and we no longer have to go to the site every day to apply for it.” Former Ningbo Huiduo Weaving Co., Ltd. Manager Hong, the certificate of origin declarer, said.
According to statistics, in January 2023, Ningbo Customs issued 2,811 RCEP certificates of origin involving textiles and clothing, with a value of US$38.7625 million, a year-on-year increase of 177.49% and 147.38% respectively.
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