Zhongshan on January 11 received its first imported goods since the Regional Comprehensive Economic Partnership (RCEP) came into effect. Seven shipments of goods including aluminum pigment powder imported from Japan by Mitsui Advanced Composites (Zhongshan) successfully entered China after inspection and were released by Zhongshan Port Customs. With the RCEP preferential tariff policy, the maximum import tariff rate for qualified goods can be reduced from 5% to zero, which will save about 39,000 yuan in taxes.
Located in Zhongshan's Torch Development Zone, Mitsui Advanced Composites (Zhongshan) Co Ltd is engaged in the research and development, design, production and sales of plastic alloys and other products. Its raw materials are mainly imported from Japan. "After the RCEP comes into effect, many goods imported from Japan will enjoy tariff concessions, greatly reducing procurement costs." Mr Zhu, deputy chief of the company's purchasing department stated.
According to the RCEP agreement, more than 90 percent of the goods traded between China and other RCEP members will eventually be tariff-free.
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