The entry into force of RCEP will bring multiple positive effects
Our reporter Bao Xing'an
As the world's largest free trade agreement, on January 1, 2022, the Regional Comprehensive Economic Partnership Agreement (RCEP) will officially enter into force.
Experts believe that the entry into force of RCEP will bring multiple positive effects.
It is understood that after the RCEP agreement takes effect, in terms of tariff preferences, more than 90% of the goods trade in the region will gradually achieve zero tariffs.
On January 1, 2022, the immediate zero-tariff ratio between my country and ASEAN, Australia, and New Zealand will exceed 65%, and the immediate zero-tariff ratio with South Korea will reach 39% and 50%. It is a newly established free trade with Japan. Relations, the mutual immediate zero tariff ratio will reach 25% and 57% respectively. In the end, 86% of Japanese exports to China will achieve zero tariffs, and 88% of Chinese exports to Japan will enjoy zero tariff treatment.
Song Xiangqing, deputy dean of the Institute of Government Management of Beijing Normal University and director of the Industrial Economic Research Center, told a reporter from the Securities Daily that RCEP will bring broad market space and stable customer resources to my country’s trade in goods and services, and will become an advanced company. The development of manufacturing, modern agriculture and other industries has brought new opportunities.
The first is to promote trade in goods between China and member states, and the second is to promote trade in services between China and member states.
Gao Feng, a spokesperson for the Ministry of Commerce, said that after the tax cuts are completed, China’s imports of coconut juice, pineapple products, and paper products from ASEAN, induction cookers, electric ovens, and most mechanical equipment, instruments, and auto parts imported from Japan will all be changed. Gradually eliminate tariffs.
At the same time, China's exports of mechanical and electrical products, instruments, textiles and clothing, some aquatic products and vegetables to Japan will also gradually enjoy zero tariff treatment.
Guo Yiming, director of investment advisory at Jufeng Investment Consulting, told a reporter from the Securities Daily that the implementation of RCEP will benefit the textile and apparel, light industry and agricultural products.
For listed companies, export-oriented and competitive companies will also benefit.
In addition, it is directly beneficial to trade-related ports and shipping industries, and the business volume of related listed companies is expected to increase significantly, which will lead to continuous improvement in performance.
Song Xiangqing said that the RCEP agreement is an opportunity and a challenge for listed companies.
Listed companies must not only make adaptive reforms in accordance with the new situation, enhance their capabilities, and enhance the technological content of their products by improving quality and efficiency; they must also use their strengths to make up for their shortcomings, improve their product chains, strengthen their service chains, and be proactive Integrate into bilateral and multilateral free trade agreements.
At the same time, we must be proficient in the new international economic and trade rules, realize the deep integration of supply chain and industrial chain, and further expand the market influence and core competitiveness of Chinese listed companies.
(Securities Daily)