US media: China will reduce tariffs next year to cooperate with the RCEP agreement to take effect

Reference News Network reported on November 8 According to a report on the Bloomberg News website on November 6, China said that it intends to reduce tariffs when the Regional Comprehensive Economic Partnership Agreement (RCEP) takes effect next year.

A statement issued by the Ministry of Commerce of China on the 6th indicated that China expects the agreement to significantly improve the level of economic integration in East Asia and expects the agreement to be fully implemented in the region as soon as possible. The statement also said that RCEP can promote regional recovery after the epidemic, consolidate the supply chain of the industrial chain, and promote economic development.

According to reports, RCEP is considered the largest regional trade agreement. Fifteen countries signed the agreement in 2020. It covers approximately one-third of the world’s population and gross domestic product (GDP). According to regulations, the agreement needs to be ratified by at least 9 of the 15 member states, including at least 6 ASEAN member states and 3 non-ASEAN member states.

The report also said that China confirmed in the statement that Brunei, Cambodia, Laos, Singapore, Thailand, Vietnam and other 6 ASEAN member states and 4 non-ASEAN member states including China, Japan, New Zealand and Australia have formally submitted to the ASEAN Secretary-General. Approval letter, other countries are accelerating the domestic approval process.