On January 1, 2022, the “Regional Comprehensive Economic Partnership Agreement” (RCEP) officially took effect, and the world‘s largest free trade zone so far officially set sail. At 0:00 on the same day, Qingdao Customs issued the country’s first RCEP certificate of origin for a batch of more than 2,800 tons of calcium chloride exported by Qingdao Gulf Group to Japan. Based on this transaction, on January 6, Industrial Bank took the lead in handling export cross-border business for Qingdao Gulf Group, helping enterprises to accelerate the development of cross-border markets.
According to reports, the Industrial Bank has also introduced a series of preferential policies such as fee reduction and profit concession for cross-border business of RCEP-related enterprises, providing “one-stop” financial services covering trade financing, international settlement, exchange rate hedging, etc., providing companies with participation in cross-border trade. Effective guarantee and great convenience.
RCEP was initiated by the 10 ASEAN countries and invited China, Japan, South Korea, Australia, and New Zealand to participate. Through the reduction of tariffs and non-tariff barriers, the establishment of a 15-country free trade agreement with a unified market is currently effective and implemented in 10 countries, accelerating the construction of my country The domestic and international dual-cycle development pattern is of great significance to promote high-quality economic development.
With the RCEP certificate of origin, the tariff rate paid by Qingdao Gulf Group for goods exported to Japan can be reduced from 3.3% to 3%. The tax reduction for this batch of goods alone amounts to nearly 10,000 yuan. In the first year of RCEP’s entry into force, the company’s export of goods can accumulatively reduce customs duties by about 1 million yuan in Japan. In the context of a century of changes in the world and the intertwining of epidemics in the century, the entry into force of RCEP has injected strong vitality into the recovery of the world economy and helped my country to make new breakthroughs and achieve new leaps in opening up to the outside world at a higher level.
In recent years, Industrial Bank has actively integrated into the “Belt and Road” construction, served the construction of free trade zones, supported enterprises to “go global”, gave full play to the group’s advantages in integrated and diversified operations, continued to explore cross-border financial innovations, and formed a structure covering cross-border settlement and financing. Comprehensive cross-border financial service programs including capital pools, supply chains, exchange rate hedging, financial advisory, etc., and cross-border financial service capabilities have been continuously improved. In the whole year of 2021, Industrial Bank has handled more than US$270 billion in cross-border settlements for customers.
(Editor: Qian Xiaorui)
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