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Regional Comprehensive Economic Partnership,RCEP
[Top]

Regional Comprehensive Economic Partnership,RCEP

  • Categories:Company news
  • Time of issue:2022-03-14 17:45
  • Views:

(Summary description)In the early morning of January 1, 2022, the Regional Comprehensive Economic Partnership (RCEP) came into effect, and the world's largest free trade zone officially set sail.

[Top]

Regional Comprehensive Economic Partnership,RCEP

(Summary description)In the early morning of January 1, 2022, the Regional Comprehensive Economic Partnership (RCEP) came into effect, and the world's largest free trade zone officially set sail.

  • Categories:Company news
  • Time of issue:2022-03-14 17:45
  • Views:
Information

In the early morning of January 1, 2022, the Regional Comprehensive Economic Partnership (RCEP) came into effect, and the world's largest free trade zone officially set sail.

According to the agreement, 6 ASEAN member states and 3 non-ASEAN member states formally submit the approval letter, that is, the threshold for the entry into force of the agreement is reached. With the efforts of all parties, RCEP will reach the threshold for entry into force on November 2, 2021.

From January 1, 2022, RCEP will come into effect for 10 countries including Brunei, Cambodia, Laos, Singapore, Thailand, Vietnam, China, Japan, New Zealand and Australia. South Korea will join the effective implementation on February 1. The remaining member states will also take effect after completing the domestic ratification process.

The entry into force of RCEP marks the official landing of the free trade zone with the largest population, the largest economic and trade scale and the greatest potential for development in the world. It fully reflects the confidence and determination of all parties to jointly safeguard multilateralism and free trade and promote regional economic integration. Make important contributions to regional and global trade and investment growth, economic recovery and prosperity.

From today onwards, China will fully implement all RCEP commitments and obligations

In an interview with this reporter, the relevant person in charge of the Ministry of Commerce said that with the official entry into force of RCEP, starting from today (January 1, 2022), China will fully implement all the commitments and obligations of the RCEP agreement, including the immediate implementation of a large number of products. Implement zero tariffs.

According to reports, in terms of market opening, the immediate zero-tariff ratio between my country and ASEAN, Australia and New Zealand is more than 65%.

my country and Japan have newly established free trade relations, and the ratio of zero tariffs to each other has reached 25% and 57% respectively.

Yang Zhengwei, Deputy Director-General of the International Department of the Ministry of Commerce: A large number of immediate zero-tariff products will bring obvious opportunities to trade. On this basis, RCEP members will basically achieve zero tariffs on 90% of their products in about 10 years.

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