Guangdong manufacturers could save millions on exports to Japan
Guangdong province’s footwear exports to Japan are set to benefit from tariff reductions if they are able to achieve approved exporter status under a new trade agreement.
The Regional Comprehensive Economic Partnership (RCEP) free trade agreement entered into force on January 1, signed by 15 nations in Asia.
Customs officials for Guangdong’s capital, Guangzhou, have told reporters that the city’s businesses would now do well to obtain approved RCEP exporter status, as well as manage the production and sales of goods for export “in a more flexible manner” and actively find ways to position themselves advantageously among competitors in the international arena.
Japan is one of the main importers of Guangdong-made products, including footwear. Initial estimates suggest that Guangdong’s footwear, leather and textile exports to Japan could benefit to the tune of more than $7 million per year in reduced tariffs.
