As of Sept 16, Xiamen Customs has issued 13,500 RCEP (Regional Comprehensive Economic Partnership) certificates of origin relating to trade worth over 5 billion yuan ($717.08 million) to 685 exporters.

With the certificates of origin, the exporters are estimated to enjoy tariff reductions of more than 50 million yuan.

The RCEP agreement, which is the world's largest free trade agreement, took effect on Jan 1 this year, and has boosted market potential. Since it took effect, more than 90 percent of the goods in the region have achieved zero trade tariffs. In addition, the implementation of the RCEP agreement has led to the first tariff concession commitment between China and Japan, according to Xiamen Customs.

The effect of RCEP agreement has also helped Xiamen enterprises enter international markets.

For example, the products of Xiamen Tungsten Co, a leading company in the tungsten industry, enjoyed a tariff reduction in Japan, which dropped from 3.3 percent to 2.7 percent. Since the beginning of this year, its export value to Japan has reached 550 million yuan, an increase of nearly 200 percent compared with that in 2021.

A bird's-eye view of a ship full of containers sailing off the coast of Xiamen, Fujian province. [Photo/WeChat account: xiamen_swj]