CCTV News, Beijing, November 6 (Reporter Tong Yatao) According to a report by the Voice of Economy of China Central Radio and Television “Tianxia Finance”, the ASEAN Secretariat, the depositary of the Regional Comprehensive Economic Partnership Agreement (RCEP), recently announced that Brunei, Six ASEAN member states including Cambodia, Laos, Singapore, Thailand and Vietnam and four non-ASEAN member states including China, Japan, New Zealand and Australia have formally submitted approval letters to the ASEAN Secretary-General, reaching the threshold for the agreement to enter into force. According to the agreement, RCEP will take effect for these ten countries on January 1, 2022. In an interview with reporters on the 6th, the head of the International Department of the Ministry of Commerce said that China is ready to implement RCEP.
China is ready to ensure full performance of its obligations when the agreement enters into force
On April 15 this year, China submitted a letter of approval to the Secretary-General of ASEAN, becoming one of the first countries to complete the agreement. According to Yu Benlin, Director of the International Department of the Ministry of Commerce, China has basically completed the relevant preparations within half a year after the signing of the agreement, and all preparations are now in place to ensure full performance of its obligations when the agreement takes effect. “In terms of implementing tax reductions, the tax reduction implementation plan has been formulated; preparations for the implementation of the rules of origin have been prepared, and the customs system has been upgraded, which can ensure that tariff reductions and exemptions will be implemented as soon as they become effective; in terms of fulfilling the obligations of the agreement, the Ministry of Commerce has The rules are comprehensively sorted out, and a total of 701 binding obligations are involved in the fields of service opening, investment protection, trade facilitation, intellectual property protection, e-commerce, and other fields. All competent authorities have made relevant preparations for compliance.”
According to Yu Benlin, after the agreement takes effect, more than 90% of the goods trade between approved members will eventually achieve zero tariffs. The tax reduction model is mainly to reduce taxes to zero immediately and to zero within 10 years. This means that countries will be Commitment to the liberalization of spot trade in a relatively short period of time. In the field of service trade, the level of openness of countries under the RCEP is significantly higher than their respective “10+1” agreements, and will be fully converted to a negative list within 6 years after its entry into force to further enhance the level of openness. In the field of investment, members have made high-quality commitments to non-service sector investments in the form of a negative list, and no new restrictions are allowed outside the list. At the same time, the level of investment protection has been strengthened, which is conducive to the expansion of mutual investment by enterprises from various countries in the region, and it is also conducive to Chinese enterprises. “go out”.
“The Ministry of Commerce will encourage localities to combine the trade and investment characteristics of RCEP member states to promote the export of superior products, and actively expand the import of advanced technologies, important equipment, and key components. Strengthen the organization and implementation of rules of origin and visa management to help enterprises solve Problems encountered in the process of benefiting. Give full play to the advantages of my country’s industry and market, and promote the complementary and in-depth integration of the advantages of the industrial chain with RCEP member countries.” Yu Benlin said.
It is understood that the signatories of the relevant agreements are currently accelerating the domestic approval procedures, and all have indicated that they will complete the approval as soon as possible. According to the relevant provisions of RCEP, the agreement will enter into force for these countries on the 60th day after each of these countries completes the approval process, submits the approval letter, and is formally accepted by the ASEAN Secretary-General.
Member states express their expectations for the entry into force of RCEP
New Zealand Minister of State for Trade and Export Growth Tweedford said that starting early next year, New Zealand companies can start to use RCEP, which will bring huge economic benefits and new market access opportunities for exporters.
Singapore’s Minister of Trade and Industry Yan Jinyong said that the official entry into force of RCEP is good news for Singaporean businesses. Merchants will be able to use the agreement to conduct economic and trade exchanges with member states, saving more cost and time, and enjoying greater transparency and certainty.
Nihon Keizai Shimbun’s Chinese website reported that the economic effect of RCEP will exceed the CPTPP that the United States withdrew, the “Comprehensive and Progressive Trans-Pacific Partnership Agreement.” The Japanese government estimates that after the agreement enters into force, the economic effect will push up Japan’s GDP by about 2.7%. This is the first trade agreement that combines the economies of China, Japan and South Korea. RCEP means that 86% of Japan’s exports to China and 92% of exports to South Korea will achieve zero tariffs, a substantial increase from the current 8% and 19%.
ASEAN Secretary-General Lin Yuhui said, “The rapid approval process of the signatories truly reflects the firm commitment of all countries to a fair and open multilateral trading system for the benefit of the people in this region and the world. The implementation will begin on January 1 next year. RCEP will greatly promote the economic recovery after the new crown pneumonia epidemic.”
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