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Yiwu, a county-level city in Jinhua, East China's Zhejiang province has issued more than 185,000 Regional Comprehensive Economic Partnership (RCEP) certificates of origin for exports worth $3.75 billion to RCEP member states in the first three quarters of this year.
The number of such certificates and exports from the city that benefited from the policy during the period was a 4.67 percent and 13.84 percent year-on-year increase respectively, according to statistics from customs authorities.
One beneficiary of the certificates is Yiwu Lipeng Import and Export Co Ltd, which recently obtained a certificate of origin that allowed its exports to Pakistan to be subjected to zero tariffs.
According to the company's general manager Zhou Peng, the favorable tax benefits brought by the RCEP certificate of origin is a big boon for the company whose annual exports amount to more than $30 million.
Eighty-eight percent of certificates of origin now can be applied for online in Yiwu, according to Fang Jianming, an official at Yiwu Customs.
The RCEP involves 10 ASEAN member states, China, Japan, South Korea, Australia and New Zealand. The 15 states account for about 30 percent of the world's total population, gross domestic product and trade.
More than 90 percent of goods traded between member countries will eventually be subjected to no tariffs, according to the agreement.