Staff members of Nantong Customs inspect goods to be exported. [Photo/Nantong Daily]

Businesses in Nantong, East China's Jiangsu province, are expected to enjoy tariff reductions of over 50 million yuan ($6.84 million) in the first three quarters of this year due to the RCEP pact, according to Nantong Customs.

Statistics show that Nantong Customs issued 11,227 RCEP certificates of origin, up 30.9 percent year-on-year, to 308 local enterprises with a total value of nearly 3.36 billion yuan.

Nantong Foremost Garments and Accessories Co received four RCEP certificates of origin for its $188,500 worth of headwear. Liu Xiaoyu from Foremost said, "These certificates saved our company 12,000 yuan in import tariffs."

Liu added that in the first nine months, the company applied for 716 RCEP certificates of origin for its products worth $20 million from Nantong Customs and enjoyed about 1.5 million yuan of reduced tariffs.

Thanks to the promotion of Nantong Customs, Jiangsu Hengke New Materials Co learned about the tariff preference after RCEP took effect in Indonesia in January, according to Lu Jintao, manager of Hengke.

Hengke's products are mainly exported to ASEAN countries, including Indonesia, Thailand, and Vietnam and this year, the company has been exempt from import duties of 25,000 yuan.

The RCEP agreement that took effect last year comprises 15 Asia-Pacific countries, including 10 ASEAN countries, and over 90 percent of trade in goods among approved member states will be tariff-free.