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RCEP Agreement

Nov 17, 2020

On November 15, 2020, the Regional Comprehensive Economic Partnership Agreement (RCEP) was officially signed.

RCEP member countries include 10 ASEAN countries and China, Japan, South Korea, Australia, and New Zealand. RCEP is the world's largest free trade agreement. The total population, economic volume, and total trade volume of the 15 member states account for about 30% of the global total. (Currently 10 member states: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam.)

RCEP has achieved fruitful results in the liberalization of trade in goods. Tariff reductions among members are mainly based on the commitment to immediately reduce tariffs to zero tariffs and reduce tariffs to zero tariffs within ten years. The free trade zone is expected to achieve major phased construction results in a relatively short period of time. For the first time, China and Japan reached a bilateral tariff reduction arrangement, achieving a historic breakthrough. The agreement will help promote the realization of a high level of trade liberalization in the region.

The signing of the RCEP agreement is mainly to help import and export enterprises and reduce operating costs. Countries that have signed contracts have increased mobility of goods, technologies, services, capital, and personnel, making it easier for everyone to invest in each other. The rules are the same and it is also convenient for outside areas. People who come in to invest will help everyone attract foreign investment. After the RCEP agreement is signed, zero tariffs will be applied to more than 90% of tax items, and it may increase to 95% of tax items in the future.

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Rogers Zhang