According to the Ministry of finance's website, the regional comprehensive economic partnership agreement (RCEP) was officially signed on November 15, 2020. The Ministry of finance actively participated in and promoted the RCEP agreement, and carried out a lot of detailed work on the tariff reduction of goods trade. In the next step, the Ministry of finance will actively do a good job in the related work of tariff reduction.
According to the Ministry of finance, the RCEP agreement has achieved fruitful results in goods trade liberalization. The tariff reduction among the members is mainly based on the commitment to reduce tariff to zero immediately and within 10 years. It is expected that the FTA will achieve significant phased construction results in a relatively short period of time. China and Japan have reached a bilateral tariff reduction arrangement for the first time, achieving a historic breakthrough. The agreement is conducive to the realization of high-level trade liberalization in the region.
The Ministry of Finance pointed out that the successful signing of RCEP will play an extremely important role in promoting the economic recovery and long-term prosperity and development of various countries. The further acceleration of trade liberalization will bring greater promotion to regional economic and trade prosperity. The preferential results of the agreement directly benefit consumers and industrial enterprises, and will play an important role in enriching consumer market choices and reducing trade costs of enterprises.
Over 90% of goods or zero tariff
What is the impact of China's accession to the world's largest free trade zone, with over 90% of its commodities or zero tariff?
From November 12 to 15, the 23rd China ASEAN (10 + 1) leaders' meeting, the 23rd ASEAN and China, Japan and South Korea (10 + 3) leaders' meeting, the 15th East Asia Summit (EAS), the fourth regional comprehensive economic partnership agreement (RCEP) leaders' meeting and the ASEAN Business and Investment Summit (ABIS) were held by video. According to Xinhua, the regional comprehensive economic partnership agreement (RCEP) was officially signed on the 15th during a series of East Asian Cooperation leaders' meetings.
The signing of RCEP means that the level of trade liberalization and facilitation in the region will be further improved. It is understood that more than 90% of the goods covered by tariff reduction in goods trade. At the same time, different from the traditional free trade agreement, the agreement closely follows the development trend of Global trade and includes many new trade forms, including e-commerce, intellectual property rights, competition policy, government procurement, and small and medium-sized enterprises, which exceeds the scope stipulated by the WTO.
Under the current international situation, after eight years of negotiation, RCEP has been signed, which makes people see light and hope in the haze. It shows that multilateralism and free trade are the main road and the right path, and still represent the right direction for the world economy and human progress.
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