The impact of RCEP on the aluminum industry chain

On November 15, 2020, the Regional Comprehensive Economic Partnership (RCEP) agreement, initiated by ASEAN

On November 15, 2020, the Regional Comprehensive Economic Partnership (RCEP) agreement, initiated by ASEAN in 2012 and concluded after eight years and 31 rounds of formal negotiations, was officially signed. One of RCEP's goals is to reduce tariffs to zero on the vast majority of goods traded among member countries. Currently, the goods related to aluminum between China and other RCEP member countries almost cover all varieties, including bauxite, alumina, waste aluminum, primary aluminum, various aluminum materials and aluminum products, and imports are mainly upstream raw materials and recycled aluminum, while exports are mainly mid-to-downstream aluminum materials and products.

China's import and export tariffs on aluminum-related goods

Customs data shows that China currently has zero import tariffs on bauxite (aluminum ore and its concentrates), alumina, common primary aluminum (aluminum content below 99.95%), and waste aluminum. The corresponding countries of origin also do not levy export tariffs on these goods. However, China generally levies export tariffs on the export of such unprocessed raw materials; however, since China's exports of these goods are almost negligible.

Currently, domestic exports of semi-finished and finished aluminum products are basically not subject to tariffs; moreover, there is an export tax rebate policy, with a rebate rate generally exceeding 13%, which means that export goods are basically exempt from value-added tax. However, imports of semi-finished and finished aluminum products are generally subject to tariffs exceeding 5%. This is a common situation in international trade, that is, to retain greater added value in the country and enhance the competitiveness of domestic enterprises in international trade.

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The impact of RCEP on China's import and export of aluminum raw materials

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The impact of RCEP on China's import and export of aluminum raw materials

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