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RCEP Sparks Economic Synergy: Strengthening Trade Collaboration Between China and Indonesia

Shanghai, January 04, 2024, The Europe Today: Guangxi Sun Paper Board Co., Ltd. in Beihai, Guangxi Zhuang Autonomous Region, recently shipped a batch of coated ivory board valued at approximately 430,000 yuan (around 60,098 U.S. dollars) just before the New Year holiday, with expectations for its arrival in Indonesia within 15 days. Leveraging certificates of origin under the Regional Comprehensive Economic Partnership (RCEP), the company anticipates a tariff reduction of nearly 20,000 yuan upon customs clearance in Indonesia, as highlighted by Liu Ning, the director of the company’s export customs affairs.

In 2023, the company secured nearly 200 certificates of origin under RCEP, significantly aiding its exploration of new advantages in foreign trade and market expansion in Indonesia. The RCEP, which came into effect on January 1, 2022, involves 15 Asia-Pacific countries, including China and Indonesia. It has facilitated immediate zero tariffs on a significant percentage of products between the two nations, fostering closer economic and trade cooperation.

Over the past decade, bilateral trade between China and Indonesia has surged from 50 billion U.S. dollars in 2013 to 150 billion U.S. dollars in 2022, with China consistently ranking as Indonesia’s largest trading partner. The RCEP has emerged as a catalyst for increased foreign trade among its member countries, injecting new vitality into China’s economic collaboration with Indonesia, evident in the considerable growth in trade volume and Chinese investments in the country.