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Regional Comprehensive Economic Partnership (RCEP) valid now!

rcep

On the first day of 2022, January 1, 2022, the Regional Comprehensive Economic Partnership Agreement (RCEP) will officially take effect, and the free trade zone with the world’s most populous, largest economic and trade scale and most development potential will officially set sail.

What opportunities will RCEP bring into effect? How to seize the opportunity? On the 30th, the relevant person in charge of the Ministry of Commerce “marked key points” at the State Council’s regular policy briefing.

Make good use of policies such as tariff reduction, rules of origin, etc.

RCEP has a total of 15 member states, including 5 countries including China, Japan, South Korea, Australia, New Zealand and 10 ASEAN countries(Brunei, Cambodia, Laos, Singapore, Thailand, Vietnam, China, Japan, New Zealand and Australia). At present, 6 ASEAN member states and 4 non-ASEAN member states have formally submitted the approval letter, which has reached the threshold for the agreement to enter into force.

  1. shipping fast: From the perspective of trade facilitation, all members have made high-level commitments on customs procedures, inspection and quarantine, and technical standards. In particular, they promised to release the goods within 48 hours after their arrival as far as possible. Release within hours will help improve the efficiency of logistics clearance and promote export growth.
  2. tax reduce: The rules of accumulation of origin greatly reduce the threshold for commodity enjoyment. This will encourage manufacturers to use more of the original materials in the region, facilitate member states to enjoy the agreement zero tariff treatment, and help the region to form a tighter and more resilient industrial chain supply chain.

 

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