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Industry News

RCEP takes effect

View: 6004/01/2022  

In the early morning of January 1, 2022, the staff of the Customs Department of Beijing Customs were busy issuing certificates of origin for enterprises. On this day, the Regional Comprehensive Economic Partnership Agreement (RCEP) came into effect, and the world’s largest free trade zone officially set sail.


RCEP currently has 15 member states, including 5 countries including China, Japan, South Korea, Australia, New Zealand and 10 ASEAN countries. In terms of population, economic volume, and total trade, they all account for about 30% of the global total.


According to the agreement, 6 ASEAN member states and 3 non-ASEAN member states formally submit the approval letter, which means that the threshold for the agreement to enter into force has been reached. Through the efforts of all parties, RCEP will reach the entry into force threshold on November 2, 2021. Starting from January 1, RCEP has officially entered into force for 10 countries including Brunei, Cambodia, Laos, Singapore, Thailand, Vietnam, China, Japan, New Zealand and Australia. South Korea will join the effective implementation on February 1. The remaining member states will also take effect one after another after completing the domestic approval procedures.


After the RCEP takes effect, more than 90% of the goods trade between approved member states will eventually achieve zero tariffs. On the day the agreement takes effect, the immediate zero tariff ratio between China and ASEAN, Australia, and New Zealand will exceed 65%. China and Japan have newly established free trade relations, and the mutual immediate zero tariff ratio will reach 25% and 57% respectively.


It's not just about lowering tariffs. RCEP has also formed uniform rules in terms of rules of origin, customs procedures, inspection and quarantine, etc., and the degree of facilitation of intraregional trade will be further improved.


In addition to trade in goods, RCEP member countries have also made high-level openness commitments in service trade and investment, and established high-level intellectual property rights, e-commerce and other rules. The flow of various economic factors will be smoother, and the industrial chain and supply chain within the region And the value chain will be further consolidated and developed.


The effective date of RCEP fully demonstrates the confidence and determination of all parties to jointly safeguard multilateralism and free trade and promote regional economic integration. It will make important contributions to regional and global trade and investment growth, economic recovery and prosperity.


Source: China Government

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