The Regional Comprehensive Economic Partnership (RCEP), the world's largest free trade agreement, has enabled more traders to benefit from tariff reductions, creating significant business opportunities.
Official data show that since the RCEP's entry into effect in 2022, Fujian Province in east China has seen the value of its exports reach 10.31 billion yuan (about 14.3 billion U.S. dollars), ranking the first in the Chinese mainland.
The impressive figure highlights Fujian's status as one of the largest beneficiaries within the RCEP framework, a fact evidenced by the bustling airport operation in Xiamen, a coastal city in the province.
One of the key advantages for businesses there is the faster and more efficient customs clearance, which helps maintain product freshness during transport.
"Fresh-cut flowers are quite delicate. If the export process isn't completed in the shortest possible time, they might wilt or rot. Since the entry into effect of the RCEP, we can now complete the customs declaration, inspection, and clearance process for flowers exported to Singapore in as fast as two hours, saving at least 12 hours compared to before," said Qiu Huali, head of a local logistics company.
This expedited clearance process is made possible by the RCEP's rules.
"According to the RCEP rules, perishable goods like flowers and fresh produce can clear customs within six hours between member countries. This also applies to airfreight, with general cargo typically cleared within 48 hours after arrival," said Zheng Zhe, an official at the Xiamen Airport Customs Office.
Qiu said his company looks forward to expanding their markets by leveraging the pact's benefits.
"Our Singaporean customers have provided feedback, saying they are impressed with the freshness of our flowers, which far exceeds that of our competitors. We are now planning to expand our export reach to Japan, Australia, and other RCEP member countries," Qiu said.
Qiu's goal reflects the growing trade opportunities within the RCEP framework.
Effective to the signatories as of January 1, 2022, the RCEP comprises 10 ASEAN member states, namely Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam, together with their five free-trade partners which are China, Japan, South Korea, Australia and New Zealand.
RCEP cuts tariffs, streamlines customs clearance for fresh exports
