RCEP has fully entered into force for the 15 signatory countries, injecting strong impetus into regional economic integration

RCEP is in full force for the 15 signatories

Injecting strong impetus into regional economic integration (new economic orientation)

The total population, GDP and trade in goods in the RCEP region account for about 30% of the global population

Full entry into force will greatly promote the free flow of production factors such as raw materials, products, technology, talents, capital, information and data in the region

It plays an important role in stabilizing foreign trade and foreign investment, and brings real dividends and benefits to enterprises

On June 6, the Regional Comprehensive Economic Partnership (RCEP) officially entered into force for the Philippines, and RCEP has fully entered into force for the 2 ASEAN countries and 10 signatories, including Australia, China, Japan, South Korea and New Zealand. What is the significance of RCEP coming into full force? How to make good use of the policy dividends of the agreement? The reporter conducted an interview.

Entered a new phase of full implementation

On November 2020, 11, the 15 ASEAN countries, Australia, China, Japan, South Korea and New Zealand signed the RCEP. On January 10, 2022, the agreement entered into force for 1 of these countries. On June 1 this year, with the official entry into force of the agreement for the Philippines, RCEP fully entered into force for the 10 signatories.

"The total population, GDP and trade in goods in the RCEP region account for about 30% of the world, and the full entry into force of the agreement for the 15 parties marks a new stage of full implementation of the free trade area with the largest population, the largest economic and trade scale and the most development potential in the world." The relevant person in charge of the International Department of the Ministry of Commerce said.

The full entry into force of RCEP fully reflects the determination and actions of the 15 parties to support an open, free, fair, inclusive and rules-based multilateral trading system, and continuously promote comprehensive, mutually beneficial and high-level economic partnership. The commitment of the 15 parties to open up the markets for goods, services and investment, coupled with high-level rules in various fields, will greatly promote the free flow of production factors such as raw materials, products, technologies, talents, capital, information and data in the region, promote the gradual formation of a more prosperous regional integration market, and promote the opening and cooperation of member countries on a larger scale, higher level and deeper level.

The full entry into force of RCEP will provide a strong boost for China to promote high-level opening up, create more favorable conditions for China and its members to expand trade in goods, and will also drive the corresponding service trade and investment opening-up, promote trade facilitation and improve the business environment. Continuing to promote the high-quality implementation of RCEP will be conducive to further promoting the integrated development of regional industrial chains and supply chains, helping localities, industries and enterprises expand new space for international economic and trade cooperation, and promoting the realization of a higher level of institutional opening up from a higher starting point.

Effectively drive the growth of trade and investment

On June 6, Chenfeng (Jiangsu) Garment Co., Ltd. received the certificate of origin issued by the customs for export to the Philippines under RCEP. With this certificate, the company's men's shirts worth $2,1 can enjoy zero tariff treatment in the Philippines. "After the agreement comes into force for the Philippines, it has another option in addition to the original China-ASEAN Free Trade Agreement, which is a major benefit for us to expand exports and maintain overseas customer relations." Yin Lijun, the company's customs manager, said.

"After RCEP officially came into effect for the Philippines, in the field of goods trade, the Philippines added zero tariff treatment for China's automobiles and parts, some plastic products, textiles and garments, air conditioners and washing machines on the basis of the China-ASEAN Free Trade Area, and after a certain transition period, the tariffs on the above products will be gradually reduced from 3% to 30% to zero. It is estimated that at least 2000,<> enterprises in Jiangsu Province will enjoy the above tariff dividends. Yuan Fang, deputy director of the Customs Department of Nanjing Customs, said that after RCEP takes full effect, it will play a greater role in strengthening regional supply chain value chain collaboration and promoting the high-quality development of foreign trade.

"Since the implementation of RCEP, the trade in goods between members has become closer, and intraregional trade has become a key force for stabilizing and driving the growth of foreign trade of members." The relevant person in charge of the International Department of the Ministry of Commerce introduced that at the same time, benefiting from the positive signal released by the effective implementation of RCEP, RCEP continues to become a hot spot for global investment, most members use foreign capital to show a positive upward trend, and the overall regional attraction of green space investment has grown strongly.

The implementation of RCEP has played an important role in stabilizing foreign trade and foreign investment in China. From the perspective of trade, in 2022, the total import and export volume between China and other RCEP members will be 12.95 trillion yuan, a year-on-year increase of 7.5%, accounting for 30.8% of China's total foreign trade import and export. From January to April this year, the total import and export volume of China and other RCEP members was 1.4 trillion yuan, a year-on-year increase of 4.12%, accounting for 7.3% of China's total foreign trade import and export. From the perspective of attracting foreign investment, in 30, China's actual utilization of other RCEP members will invest 9.2022 billion US dollars, a year-on-year increase of 235.3%. From January to April this year, China's actual utilization of other RCEP members invested nearly 23.1 billion US dollars, a year-on-year increase of more than 1.4%.

RCEP has brought tangible dividends and benefits to the majority of enterprises in China. RCEP superimposed on the bilateral free trade agreements that have entered into force between China and other RCEP members has created good conditions for enterprises to better enjoy benefits and helped enterprises reduce trade costs. In 2022, Chinese enterprises will enjoy preferential export goods worth 2353.15 billion yuan under RCEP, which can enjoy tariff reductions of 8.653 billion yuan from importing countries, and 15.5 billion yuan in import goods and 622.9 billion yuan in tax concessions. In the first quarter of this year, Chinese enterprises enjoyed preferential export goods worth 9.3 billion yuan under RCEP, which can enjoy tariff reductions of 182 million yuan from importing countries; import goods worth 5.4 billion yuan, and tax concessions of 8 million yuan.

Promote the continuous release of the dividends of the agreement

Since the effective implementation of RCEP, all localities have actively strengthened policy docking, optimized the business environment, and strengthened economic and trade cooperation with RCEP members.

Efforts should be made to enhance trade facilitation and smooth regional economic and trade channels. Many localities have implemented RCEP trade facilitation measures with high standards, and promoted the implementation of 6-hour customs clearance for express and perishable goods; Actively build an online RCEP intelligent application public service platform, and vigorously promote the digital service of the whole process of certificate of origin to help enterprises enjoy benefits efficiently. Relevant localities will develop and increase foreign trade liners, air routes, railway freight trains and stations for RCEP members, continuously improve the comprehensive service level of logistics and supply chain, and enhance the efficiency and capacity of port customs clearance.

Grasp the policy of opening up the agreement to promote the implementation of trade and investment results. All localities and enterprises strive to make use of RCEP origin accumulation rules, preferential policies for service trade and investment market opening, actively optimize the layout of regional trade and investment, and promote the deep integration and development of industrial chain and supply chain. Some localities have combined local resource endowments and industrial characteristics to vigorously develop the production and trade of intermediate goods for RCEP members, and achieved positive results. Some places have superimposed open platforms such as pilot free trade zones with RCEP policies, increased targeted investment attraction in key industries, and promoted the landing of a number of major projects.

Take the implementation of RCEP as an opportunity to create a first-class business environment. All localities strictly implement domestic laws, regulations and rules corresponding to the mandatory obligations of RCEP, and relevant localities strive to implement RCEP incentive obligations, continuously improve local governance capabilities, attract industries, funds, talents, etc., and drive the local trade and investment environment to be significantly optimized. Some localities actively use platforms such as local characteristic exhibitions and fairs, economic and trade forums, pay attention to strengthening cooperation with RCEP member industries, promote characteristic advantageous products, and carry out trade and investment project docking.

The Ministry of Commerce said that China will continue to promote the high-quality implementation of RCEP, provide guidance and services for all localities, industries and enterprises to implement and make good use of the agreement, promote the continuous release of the dividends of the agreement, and give full play to the positive role of RCEP in promoting industrial chain and supply chain cooperation, promoting high-level openness and high-quality development. At the same time, we will work with other parties to fulfill the obligations of the agreement, continuously strengthen the construction of the RCEP mechanism, improve the overall implementation level of the agreement, provide a strong guarantee for the stable and long-term development of RCEP cooperation, and achieve mutual benefit and common development at a higher level. (People's Daily reporter Luo Shanshan)