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The Regional Comprehensive Economic Partnership (RCEP) is a proposed agreement between the member states of the Association of Southeast Asian Nations (Asean) and its free trade agreement (FTA) partners. The pact aims to cover trade in goods and services, intellectual property, etc.

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The RCEP covers the Asean member countries and their free trade agreement partner countries include Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, Vietnam, China, Japan, India, South Korea, Australia and New Zealand, which is a great integration of Asia's economic markets.

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According to the agreement, RCEP will take effect on January 1, 2022.

In preparation for the implementation of tariff concessions, China completed the transfer of the tariff concessions table and submitted it to the Asean Secretariat in the first half of this year. At present, the tax reduction implementation plan has entered the final stage of domestic approval procedures, which can ensure that the tax reduction obligations can be fulfilled upon the entry into force of the agreement. It Including customs procedures simplification, product standards, measures to open up trade in services, commitments on negative list of investment, e-commerce, commitment on comprehensive protection of intellectual property rights, and compliance with administrative measures and procedures. 

After the agreement comes into force, more than 90% of trade in goods between approved members will finally be tariff-free, and the tax will mainly be reduced to zero immediately and to zero within 10 years. It means that countries will fulfill their commitments on trade liberalization in goods in a relatively short time.

30% of goods from Cambodia, Laos and Myanmar enjoy zero-tariff treatment, while 65% of goods from other member states enjoy zero-tariff treatment. Each country will have access to at least 100 markets, with Cambodia, Laos and Myanmar enjoying special treatment. China also made a historic breakthrough in bilateral tariff concessions with Japan for the first time.

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The RCEP has brought benefits and convenience to China international trade and our customers. Skylark Chemical will adhere to RCEP and honestly cooperate with customers, to bring customers the most high-efficient service and best welfare. A win-win situation will be achieved for both parties.

Skylark Chemical sincerely hopes to adopt the policy advantages of RCEP to acquire long-term and stable cooperation with customers from all over the world, and to offer efficient services and excellent quality to customers so that both parties can achieve a win-win situation.

Web: www.skylarkchemical.com

Email: business@skylarkchemical.com

Phone/Whats/Skype: +86 18908183680


Post time: Dec-06-2021