RCEP officially came into effect today. This agreement, which took 8 years to negotiate and has more than 14,000 pages, will enable more than 90% of the goods trade in the entire region to eventually achieve zero tariffs.
Among them, Indonesia's tariffs on China's rubber tires and the Philippines on China's cocoa have been immediately reduced to zero since its entry into force.
For people in member countries, it will be cheaper to buy imported goods; for companies in member countries, it will be more profitable to sell and sell exported goods.
Editor in charge: [Liu Xian]