Between January and July this year, Haikou Customs issued 8,498 certificates of origin with a total value of 4.46 billion yuan (622.9951 million dollar) for Hainan enterprises, representing year-on-year increases of 28.5% and 38.6%, respectively. 

A certificates of origin (CO) is a document used to prove the origin of goods. With COs, exporting enterprises can enjoy tariff reductions and other preferential treatment in the territories that import their goods. The aforementioned COs issued by Haikou Customs helped to reduce import tariffs for these enterprises by about 220 million yuan (30.7307 million dollar).

Haikou Port. (Photo / Hainan Daily)

According to a sales representative at Hainan Yusheng Trading Co., Ltd., the goods they exported during this period were valued at 300,000 yuan. Thanks to the RCEP CO they applied for, they were able to enjoy a tariff reduction of 15,000 yuan, helping to improve the international competitiveness of their products. "Haikou Customs helped us to apply for the CO. Enterprises can now apply for COs online and receive them quickly."

RCEP (Regional Comprehensive Economic Partnership) is the world's largest free trade agreement in terms of population covered and economic scale. More than 90% of goods traded within the RCEP will eventually enjoy zero tariffs. COs are essential for export enterprises wanting to enjoy preferential treatment under the RCEP.

In the first seven months of this year, 572 RCEP-specific COs for goods valued at a total of 500 million yuan (69.8425 million dollar) were issued to enterprises in Hainan, increasing 99.3% and 147.8% over the same period last year, with the RCEP benefitting more enterprises than ever.