Hainan seized the new opportunities for RCEP implementation and issued 20 implementation measures

On January 1, 2022, the Regional Comprehensive Economic Partnership (RCEP) came into effect. The provincial party committee and the provincial government attach great importance to the new opportunities and new challenges brought by the RCEP agreement to the construction of the Hainan Free Trade Port, and early research and early deployment. They have successively established a special class on international high-level economic and trade rules research composed of various functional departments, and actively carried out RCEP-related policy publicity, RCEP agreement rules of origin and legal risk training for enterprises and grassroots. Recently, the provincial government has issued 20 implementation measures to seize the opportunity of RCEP implementation and make all-round deployment of relevant work. The measures mainly include the following:

1.Expand the scale of trade in goods.

Taking advantage of the fact that more than 90% of the trade in goods in the region has achieved zero tariffs within 20 years, especially the opportunity of my country and Japan to establish free trade relations for the first time, actively expand trade flow. Specifically, it includes four measures: expanding the export of competitive products, expanding the import of mid-to-high-end products, piloting some customs clearance incentive obligations, and developing new trade formats.

2. Innovative development of service trade.

Give full play to the preferential policies of Hainan Free Trade Port's "three return flows" and the development of the digital economy, and accelerate the consolidation of first-mover advantages. Specifically, it includes four measures including expanding and strengthening digital trade, optimizing medical and health service trade, upgrading "tourism +" and "culture +" service trade, and expanding international education service trade.

3. Promote two-way investment and cross-border industrial chain cooperation.

Seize the opportunity of opening up industries in the region, further attract investment from RCEP member countries, especially Japan, South Korea, Singapore and other places, and improve the level of opening up. Specifically, it includes three measures, including precise investment promotion, building a cross-border industrial chain, and promoting foreign investment.

4. deepen the level of regional integration and connectivity.

Give full play to the geographical advantages of Hainan and ASEAN countries, continue to deepen exchanges and cooperation, and improve the level of integration. Specifically, it includes four measures, including improving the trade circulation network, promoting the flow of people and facilitating employment, promoting data interconnection, and striving for some RCEP meetings to settle in Hainan.

5. Promote institutional innovation and optimize the business environment.

Taking the implementation of RCEP as an opportunity to form and release new dividends of institutional opening up, Hainan will become a new highland for higher-level opening up. Specifically, it includes five measures including optimizing the early policy and institutional arrangements of the free trade port, strengthening intellectual property protection, carrying out international standardization cooperation and exchanges, improving the ability to deal with trade frictions and commercial disputes, and improving the RCEP policy supporting services. On January 1, 2022, Haikou Port Customs, a subsidiary of Haikou Customs, issued the first RCEP Certificate of Origin to Hainan Yanghang Industrial Co., Ltd. With the RCEP certificate of origin, the company's batch of aluminum sulfate worth 46,301 yuan will enjoy zero-tariff treatment in Japan, with a tax reduction of about 2,315 yuan. The Provincial Department of Commerce and Hainan International Economic Development Bureau actively attract investment and exhibitors to RCEP member countries, especially Japan. It is reported that the scale of Japanese companies participating in the second Consumer Expo in 2022 has been further expanded, and the total area has exceeded the scale of the first Consumer Expo, reaching 2,100 square meters.