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China becomes the first country to complete the approval of the RCEP agreement
Updated: 2021-3-24
The head of the International Department of the Ministry of Commerce revealed on the 22nd that at present, China has taken the lead in completing the approval of the RCEP agreement. All other member states of RCEP also expressed that they will work hard to promote the formal entry into force of the agreement on January 1 next year. By then, many areas will usher in heavy benefits.

According to regulations, the agreement needs to be approved by at least 9 of the 15 members, including at least 6 ASEAN member states and 3 non-ASEAN member states. In the second online special training on the Regional Comprehensive Economic Partnership Agreement (RCEP) held by the Ministry of Commerce from 22 to 23, Yu Benlin, Director of the International Department of the Ministry of Commerce, revealed that the Chinese government has officially approved the RCEP agreement. All technical preparations for implementation are progressing in an orderly manner. He said: "At present, China has completed the approval and became the first country to ratify the agreement. Thailand has also ratified the agreement. All member states have stated that they will ratify the agreement before the end of the year and promote the agreement to take effect on January 1 next year."


Once the agreement enters into force, the member states will fulfill their tariff reduction commitments in accordance with regulations. Yu Benlin introduced that after the agreement comes into effect, more than 90% of the goods trade in the region will eventually achieve zero tariffs, which is divided into immediate reduction to zero tariffs and reduction to zero tariffs within ten years. In the future, Indonesia will abolish tariffs on China on rubber, luggage, clothing and footwear, and the Philippines will grant China zero tariff treatment on pharmaceutical products, plastics and their products, automobiles and parts. China has also opened its market to ASEAN on the basis of the original China-ASEAN Free Trade Agreement on canned pineapple, coconut juice, pepper, and some auto parts. "The proportion of my country's final zero-tariff tax items promised to the ten ASEAN countries, Australia, and New Zealand is about 90%. Except for the three least developed countries, Laos, Cambodia, and Myanmar, the remaining ASEAN members, Australia, and New Zealand have promised to me the corresponding proportions. Both are slightly higher than what I promised." Yu Benlin said.
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