The Regional Comprehensive Economic Partnership Agreement (RCEP) will come into effect on January 1, 2022. Gao Feng, a spokesperson for the Ministry of Commerce, said on the 23rd that at present, all preparations for domestic implementation are in place.
“The life of the agreement lies in implementation.” Gao Feng said at a regular press conference held by the Ministry of Commerce on the same day that the Ministry of Commerce will promptly issue the “Guiding Opinions on High-Quality Implementation of RCEP” with all relevant departments involved in the agreement to help local governments and local governments. Companies make better use of the RCEP rules, seize market opening opportunities, effectively promote the stable growth of trade and investment in the region, promote the deep integration of the industrial chain and supply chain among members, and promote the realization of higher-quality and deeper regional economic integration in East Asia.
As the world’s largest free trade zone, after the RCEP agreement takes effect, more than 90% of the goods trade between approved members will eventually achieve zero tariffs. According to statistics, by 2030, RCEP is expected to drive a net increase of US$519 billion in exports of member countries and a net increase of US$186 billion in national income. After the RCEP takes effect, nearly 30% of China’s exports can achieve zero-tariff treatment, covering China’s US$1.4 trillion trade volume.
Since the signing of the RCEP in November last year, China took the lead in announcing the completion of the approval work in March this year. In November, China announced that preparations for tariff concessions, the implementation of rules of origin, and the performance of the binding obligations of the agreement were ready. The Ministry of Commerce has hosted 3 RCEP special trainings nationwide.
At present, 6 ASEAN member states and 4 non-ASEAN member states have formally submitted approval letters, which have reached the threshold for the agreement to enter into force. The executive meeting of the State Council requested that more members of the agreement should continue to be implemented and the construction of the agreement mechanism should be promoted.
Gao Feng also said that in order to further expand high-level opening up, the Ministry of Commerce will work with relevant departments to earnestly implement the deployment of the Central Economic Work Conference, and further enhance the role of open platforms such as the Pilot Free Trade Zone, Hainan Free Trade Port, and National Economic and Technological Development Zones. Institutional opening up, and through the revision and expansion of the “Catalogue of Industries Encouraging Foreign Investment”, etc., to further promote the balance and coordination of open development.
Latest丨China will work with RCEP member states to promote the agreement to enter into force as scheduled
Overseas丨”Cambodia’s Shenzhen Special Economic Zone”!Xigang Special Economic Zone prepares for RCEP
Follow丨What to do when RCEP comes to Chongqing
Source丨Xinhua News Agency reporter丨Yu Jiaxin
Responsible Editor丨Tang Yun Producer丨 Zhang Qiumei
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