Jiangsu Zhenyu Chemical Co Ltd in Rugao, Nantong, East China's Jiangsu province, applied to Rugao Customs for the customs clearance of a batch of liquid sulfur on Jan 4 after the Regional Comprehensive Economic Partnership (RCEP) took effect in 2022.

The RCEP formally implemented relevant tariff concession arrangements for Brunei, Cambodia, Laos, Singapore, Thailand, Vietnam, China, Japan, New Zealand and Australia on Jan 1.

The company is expected to save 52,000 yuan ($8,156) in tariff concessions after the submission of a valid certificate of origin.

Yao Bixia, the customs manager of Zhenyu company, said that after the RCEP agreement came into effect, the tariff rate of liquid sulfur imported by the company dropped from 3 to 0 percent, which is expected to reduce taxes by more than 1 million yuan per year.

The RCEP has also further reduced the costs and risks of doing business. For participating countries, it will greatly improve the flow of goods, technology, services and capital.

To promote the high-quality development of Rugao's open economy, Rugao Customs will continue to ensure the implementation of preferential tariff policies of the RCEP and help enterprises make full use of various preferential policies, said Wang Xiaojun, the deputy director of Rugao Customs.