Employees are at work at Toyota Gosei (Zhangjiagang) Technology Co Ltd in Zhangjiagang, Suzhou, Jiangsu province. [Photo/WeChat account: zhangjiagangfabu365]
The Regional Comprehensive Economic Partnership (RCEP) is the world's largest free trade agreement. Zhangjiagang Customs facilitated RCEP-related imports worth 692 million yuan ($95.87 million) from January to April this year, with businesses enjoying tariff reductions totaling 10.88 million yuan, respective increases of 144.62 percent and 183.90 percent compared to the same period last year.
Customs officers visit Toyota Gosei to introduce RCEP policies. [Photo/WeChat account: zhangjiagangfabu365]
Toyota Gosei (Zhangjiagang) Technology, a comprehensive production base for automotive safety systems, has been operating in Zhangjiagang for over 20 years, supplying renowned car manufacturers such as Toyota, Honda, and General Motors.
"Some of our materials are imported from Japan, and RCEP undoubtedly brings significant benefits to us," remarked Xu Jianfeng, the company's deputy general manager. For example, tariffs for nickel steel strips have been reduced from 6 percent to zero under RCEP, resulting in tariff savings of nearly 200,000 yuan, greatly reducing the company's costs and enhancing its market competitiveness.
Since the beginning of this year, Zhangjiagang Customs has continued to promote preferential RCEP policies among enterprises, helping them to make the most of the policies.
Customs officers visit Toyota Gosei. [Photo/WeChat account: zhangjiagangfabu365]