Original title: RCEP is about to take effect and the preparations for domestic implementation are ready
Our reporter Liu Meng
The Regional Comprehensive Economic Partnership Agreement (RCEP) will come into effect on January 1, 2022. Gao Feng, the spokesperson of the Ministry of Commerce, said at a regular press conference on December 23 that, at present, all preparations for domestic implementation are in place.
“The life of the agreement lies in implementation.” Gao Feng said 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 localities and enterprises better and more fully use RCEP rules and grasp the market. Opening up opportunities will effectively stimulate the steady growth of intra-regional trade and investment, promote the deep integration of industrial chain supply chains among members, and promote the realization of higher-quality and deeper regional economic integration in East Asia.
It is worth noting that the executive meeting of the State Council held a few days ago also made arrangements for the implementation of RCEP after its entry into force, requesting support for enterprises to seize the opportunity of implementation of the agreement, enhance their competitiveness in participating in the international market, further enhance the level of trade and investment development, and force domestic industries. upgrade.
Liu Xiangdong, deputy director of the Economic Research Department of the China Center for International Economic Exchange, said in an interview with a reporter from the Securities Daily that after RCEP takes effect, it will accelerate the process of economic regional integration. Facilitated trade has become an important driving force for the economic recovery of various countries; on the other hand, it will show the world the advantages of the economic interaction and integration of the Asia-Pacific region to a certain extent, and promote the development of the multilateral trading system.
In an interview with a reporter from the Securities Daily, Bai Ming, deputy director of the International Market Research Institute of the Ministry of Commerce, said that compared with North America and the European economic circle, the influence of the East Asian economic circle is relatively limited. The cooperation between other countries will form a new situation, enhance the influence of the East Asian economic circle, and make the three major economic circles show a “three pillars” trend, which is more balanced.
According to Wang Shouwen, Deputy Minister of Commerce and Deputy International Trade Representative, China’s exports to RCEP member states in 2020 will reach 700.7 billion U.S. dollars, accounting for 27% of China’s total exports; China’s imports from RCEP trading partners will reach 777.9 billion U.S. dollars. Accounted for 37.8% of total imports. After the RCEP takes effect, the proportion of China’s trade volume with its free trade partners in the total trade volume will increase from 27% to about 35%.
As the world‘s largest free trade zone, after RCEP 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.
Liu Xiangdong said that for companies, they can take advantage of the significant opportunities that RCEP takes effect, make full use of the rules of trade and investment liberalization and facilitation, such as the RCEP rules of origin, to actively explore the intraregional market, and accelerate the deepening of trade, investment and industrial cooperation with countries in the region. , To strengthen mutually beneficial cooperation in the fields of advanced manufacturing, energy conservation and environmental protection, and modern logistics, enhance the stability and resilience of the industrial supply chain, and continuously improve its own economic benefits and competitiveness.
Gao Feng 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, further enhance the role of open platforms such as the Pilot Free Trade Zone, Hainan Free Trade Port, and State-level Economic Development Zones, and promote the system. 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.
.