Pact catalyzes foreign trade in Chongqing

CHONGQING — SAIC Hongyan Automotive Co Ltd, based in Chongqing, has been manufacturing heavy trucks for over half a century. It has embraced new business opportunities overseas since the Regional Comprehensive Economic Partnership came into effect on Jan 1, 2022.

"In 2023, we exported 450 heavy trucks to Indonesia, up about 160 percent from 2022," said Li Dong, head of the Indonesian branch of the company.

"As the RCEP agreement took effect for Indonesia, the tariffs on dump trucks have been reduced to zero from 10 percent, which means local consumers are able to purchase our trucks at lower prices," Li said, adding that this has increased the products' competitiveness.