The "circle of friends" of RCEP member countries continues to expand, and domestic petrochemical enterprises enjoy benefits for import and export business

At present, the Regional Comprehensive Economic Partnership (RCEP) has been in force for more than nine months
.
During this period, RCEP has shown strong vitality and vitality
in the context of the intensification of world geopolitical conflicts, challenges to international economic and trade rules and the partial spread of the new crown pneumonia epidemic.
From the "establishment of a group" of 10 countries at the beginning of the year to the "hand in hand" of the current 15 countries, the "circle of friends" of RCEP member countries has been expanding, and the interconnection of regional economic exchanges has brought benefits
to the import and export business of Chinese petroleum and chemical enterprises.

RCEP contains a huge market

RCEP covers 30% of the world's population and 30% of gross domestic product (GDP).

According to data from the General Administration of Customs of China, in the first eight months of this year, the total import and export volume between China and RCEP member countries reached 8.
32 trillion yuan, a year-on-year increase of 7.
48%.

As the world's largest institutional open platform, RCEP has huge market potential, and more than 90% of goods trade in the region will eventually achieve zero tariffs
after its implementation.
Oil is the king of global commodities and raw materials for chemical production, and with the entry into force of RCEP, the development of the petroleum and chemical industry has ushered in new opportunities
.

"The economic structure of RCEP members is highly complementary, and the capital factors, technical elements and labor factors in the region are complete
.
RCEP will further relax market access in the fields of goods, investment and services among member countries, and large-scale tariff reduction and rules of origin will promote the free flow of economic factors in the region, drive the expansion and upgrading of the consumer market in the region, and promote the further development of
the industrial chain, supply chain and value chain in the region.
Pang Guanglian, member of the Standing Committee of the Party Committee and deputy secretary-general of the China Petroleum and Chemical Industry Federation, said
.
The latest statistics show that in January ~ July, the total import trade of petroleum and chemical industry between China and RCEP members was 96.
80 billion US dollars, a year-on-year increase of 8.
1%; In the same period, the total amount of petrochemical products exported was US$68.
90 billion, a year-on-year increase of 26.
1%, 18 percentage points
higher than the increase in imports.

Petrochemical enterprises are accelerating their "going out"

Seizing the opportunity of RCEP entry into force and taking advantage of its location, more and more petrochemical enterprises across the country are making good use of policy dividends, and accelerating the pace
of "going global" while building a cross-regional cross-border industrial chain and supply chain.

From the perspective of the development history of the petrochemical industry, the world's petroleum and chemical industry has always been the promoter and beneficiary of globalization
.
In order to share the new opportunities of RCEP and the new future of win-win petrochemicals, China's petroleum and chemical industries actively "dance"
with RECP.
On September 14, at the 2022 China-ASEAN Forum for International Cooperation in Petroleum and Chemical Industry held in Qinzhou, Guangxi, the state-owned enterprise Yunnan Overseas Investment Co.
, Ltd.
announced that it will make overseas investment in a mixed ownership mode to provide precise services
for enterprises to develop and build the Vientiane Saiseta Comprehensive Development Zone in Laos.
Among them, the Lao petroleum refining project has filled the gap in the petrochemical industry chain in
Laos.

On July 8, three tanker trucks loaded with No.
95 gasoline successfully cleared customs from the Qingshuihe port in Lincang City, Yunnan Province, and arrived in Myanmar
.
This is the first time that Sinopec Yunnan Petroleum Company has sold 96 tons of refined oil products to RECP member countries
in the form of border trade.
Since the beginning of this year, Yunnan Petroleum has strived to carry out border trade business of refined oil products, and has taken the sales of overseas refined oil products as the direction of
innovation and exploration.

"In the past, we imported lubricating oil base oil from Korean manufacturers, which contained non-Korean origin components such as Japan, and could not enjoy preferential tax rates
under the restrictions of the China-Korea Free Trade Agreement.
" Gan Xiaoyu, business manager of Northeast PetroChina International Business Co.
, Ltd.
, said
.
After the implementation of RCEP, under the guidance of customs, they learned that according to the RCEP accumulation rules, materials imported into member countries of the agreement can be regarded as origin materials and can enjoy preferential tax rates
.
At the same time, foreign shippers are also RCEP approved exporters, and can issue their own declaration of origin at any time, which is convenient for them to arrange logistics
more flexibly.
"Since the beginning of this year, imports through RCEP have enjoyed a total of 551,100 yuan in tax relief, reducing operating costs
.
In the coming years, we plan to further expand our business in
RCEP countries.
Dry Xiaoyu added
.
Since RCEP came into effect, dividends have continued to be released, and domestic petroleum and chemical enterprises have made good news, fully benefiting
from dividends such as tariff preferences, simplified customs clearance, and trade and investment facilitation.

Xiamen Tungsten New Energy Materials Co.
, Ltd.
is a subsidiary of Xiamen Tungsten Group, mainly exporting ternary materials, lithium cobalt oxide and other new energy material products to Japan, South Korea and so on
.
The implementation of RCEP has brought stronger market competitiveness to the company's products exported to Japan, and many Japanese customers have increased their orders
.
"Exports to Japan account for more than
80% of our total exports.
Now, thanks to the customs-issued certificate of origin, the tariff on products in Japan has been reduced from 3.
3% to 2.
7%.

Since the beginning of this year, the value of our exports to Japan has reached 550 million yuan, an increase of nearly 200% over last year.
It has applied for 52 RCEP certificates of origin for export to Japan, and is expected to enjoy tariff reductions of more than 3 million yuan
in Japan.
The company's customs affairs Su Yiling said
.

Petrochemical regional trade volume has increased significantly

"RCEP is the first time in history that China, Japan and South Korea have cooperated
under the same free trade system.
These three countries account for 62%
of RCEP trade.
RCEP will help increase the export value of the three countries by $38 billion, of which $11 billion will come from trade and $27 billion from trade diversion
.
China, Japan, and the ROK need to take advantage of this historic opportunity to provide a framework to further promote regional cooperation, strengthen economic and trade relations, develop intraregional economic and trade cooperation and investment, and promote business cooperation, talent training, cultural and people-to-people exchanges
.
At the just-concluded 19th China-ASEAN Business and Investment Summit, Ou Boqian, Secretary-General of the China-Japan-ROK Cooperation Secretariat, said
.

According to the data, in January ~ July this year, the total petrochemical trade between China and Japan was 24.
43 billion US dollars, a year-on-year increase of 11.
6%; Petrochemical trade with South Korea reached US$38.
02 billion, up 17.
1% year-on-year; Petrochemical trade with Australia totalled US$15.
02 billion, up 24.
2%
year-on-year.

At the summit, Marina Novira Anggraini, Trade Counsellor of the Indonesian Embassy in Beijing, shared the topic
of "RCEP Promotes the Potential of Petroleum and Chemical Cooperation".
Marina pointed out that in January ~ July this year, the bilateral trade volume between China and Indonesia reached 82.
2 billion US dollars
.
China has become an important player in
Indonesia's direct investment.
RCEP offers new trade opportunities through tariff reductions, new rules of origin and trade facilitation, which are particularly beneficial
to the petrochemical industry.