The RCEP has played a significant role in facilitating the overseas expansion of local products. A prime example is COFCO Shancui Peanut Products Co, Ltd, which has successfully entered the Philippine market with its peanut butter.
Fan Qiang, the head of COFCO Shancui Peanut Products (Weihai) Co Ltd, is optimistic about the company's future after successfully producing a batch of peanut butter made from Wendeng large peanuts. Valued at 1.5 million yuan ($209,783), these products are set to enter the Philippine market. Crediting the efficient implementation of the Regional Comprehensive Economic Partnership (RCEP), Fan Qiang believes that the ease of customs clearance - within six hours among member economies - will facilitate increased orders from the Philippines as well as other countries and regions this year.
The company has exported around 60,000 tons of peanut products and 20,000 tons of nuts and other snacks worldwide since 2012. Its annual export revenue now amounts to 700 million yuan. The products sell well in the European Union, Japan, the Republic of Korea (ROK) and Southeast Asia, with products exported to RCEP member economies accounting for 40 percent.
Trade connections between Wendeng District and RCEP members, including the Philippines, have been increasingly close. In another success story, Shandong Yinfeng Home Textiles Co Ltd has taken advantage of the opportunities presented by RCEP and successfully entered the Japanese market.
According to Nie Chunhang, the person in charge of the textile company, after the RCEP took effect, they received 13 certificates of origin, which has significantly benefited their exports to the Japanese market. Previously, Japanese customers had to pay tariffs of more than 6 percent, but now they can enjoy tariff reductions, making their products more competitive.
"This year, we signed orders worth $2 million with customers in Japan, including home fashion brand 'Franc franc'. Our high-end textiles will be sold directly in large shopping malls in Japan," said Nie. In Wendeng, over 100 textile enterprises are now combining traditional embroidery with contemporary technology, exporting their home textile products to more than 60 countries and regions.
In 2022 alone, the total import and export volume of Wendeng to RCEP member economies reached 8 billion yuan, with a year-on-year growth of 4.96 percent. The amount of goods accounted for 64 percent of the total import and export value of the region. This demonstrates the positive impact of RCEP in promoting international trade for Wendeng enterprises.
According to Li Qianqian, a representative from the Wendeng District Council for the Promotion of International Trade, the implementation of RCEP will undoubtedly bring even more opportunities for businesses in Wendeng. Local high-quality products, such as large peanuts, embroidery and electronic products have already gained popularity and achieved good sale performances in Japan, the ROK and Southeast Asia.