Shanghai acts to take advantage of the introduction of RCEP, the largest free trade agreement in the world, which is now in force. [Photo by Shi Yu/China Daily]

The Regional Comprehensive Economic Partnership – the largest free trade agreement in the world, which came into force on Jan 1 – is expected to play a massive role in boosting trade and East China's Shanghai is mobilizing to capitalize on the opportunities that it will offer.

The trading block of 15 Asia-Pacific nations – which includes China among its members – is seen as augmenting the regional economy and hastening the global economic recovery, even amid the COVID-19 pandemic and the headwinds of protectionism. Furthermore, projections are that it will continue to bring prosperity to the global economy in the post-pandemic period.

To help with that, the China (Shanghai) International Trade Single Window platform recently upgraded its online functionality, by adding an optimal tariff inquiry system which makes things much easier and more profitable for foreign trading enterprises.

The system is said to provide a very convenient tool for foreign trade enterprises to check preferential tax rates in RCEP economies. It also displays the differences between negotiated and non-negotiated tax rates and helps foreign trading firms to fully enjoy the benefits of RCEP policies. 

According to the Shanghai Municipal Commission of Commerce, which manages the single window, since its launch in 2014, it has provided services to 43,000 foreign trade enterprises, cooperated with more than 30 financial institutions and issued more than 40 financial products.