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   Home > News > Good news! The Regional Comprehensive Economic Partnership Agreement (RCEP) will come into force on January 1st, 2022

Good news! The Regional Comprehensive Economic Partnership Agreement (RCEP) will come into force on January 1st, 2022

2021-12-01 15:21:04

On November 2nd, 2021, the ASEAN Secretariat, the depository of RCEP, issued a notice announcing six ASEAN member states including Brunei, Cambodia, Laos, Singapore, Thailand, and Vietnam, and four Non-ASEAN member states including China, Japan, New Zealand and Australia, have formally submitted the approval letter to the Secretary-General of ASEAN, and have reached the threshold for the agreement to enter into force.

According to the agreement, RCEP will enter into force for the above ten countries on January 1st, 2022.

 

Regarding preparations for the implementation of tariff concessions, China completed the conversion of the tariff concession schedule in the first half of the year and submitted it to the ASEAN Secretariat. At present, the tax reduction implementation plan has entered the final stage of the domestic approval process, which can ensure that the tax reduction obligation can be fulfilled when the agreement takes effect.

The Ministry of Commerce, in conjunction with relevant departments, carefully sorted out the 701 binding obligations involved in the agreement, including the simplification of customs procedures, product standards, service trade liberalization measures, investment negative list commitments, e-commerce, comprehensive intellectual property protection commitments, and administrative measures and procedural compliance. At present, all departments involved in Article 701 obligations are ready to perform the contract.

 

After the agreement comes into effect, more than 90% of the trade in goods between approved members will eventually achieve zero tariffs, and the tax will be reduced to zero immediately and to zero within 10 years. This means that countries will fulfill their commitments to liberalize physical trade in a relatively short period of time.

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With the RCEP coming into force on January 1st, 2022, we hope to export our high-quality equipment to more countries and benefit more people!
 

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