Foton Motor Won First RCEP Certificate of Origin for Malaysia in Beijing

Date:2022-03-23 Author:Rosy Source:chinaspv.com

March 23, 2022, Beijing, China, On March 18, the Regional Comprehensive Economic Partnership (“RCEP”) officially entered into force for Malaysia. On the same day, 24 units trucks from Foton Motors exported to Malaysia received the first RCEP certificate of origin issued by Beijing Customs.

After the RCEP came into effect for Malaysia, the number of effective members of the 15 signatories in the RCEP reached 12. China is Malaysia's largest foreign trade partner, and the entry into force of RCEP will release greater potential in the economic and trade relationship between China and Malaysia, and bring more opportunities for export enterprises.

After RCEP takes effect, the tariff rate of trucks exported to Malaysia will be reduced to 0 year by year. These changes have greatly enhanced the competitiveness of exported trucks in Malaysia, which is conducive to Foton Motor's development in the Southeast Asian market, and also promotes Foton Motor's globalization strategy further.

At the end of 2021, Foton Motor announced the latest sales data: in the domestic market, it ranked first in the commercial vehicle industry with an annual sales volume of 650,000 units; in the overseas market, with sales of 56,000 units, it ranked first in overseas exports for 11 consecutive years.

From January to February 2022, Foton Motor has accumulated sales of over 240 units in Malaysia, a year-on-year increase of 28%. In the future, following the entry into force of RCEP in Malaysia in March, the economic and trade potential between China and Malaysia will continue to expand. Foton Motor will continue to innovate in technology, products, marketing and other aspects to further expand overseas markets.