[Explanation] On March 25, at a regular policy briefing by the State Council, Vice Minister of Commerce Wang Shouwen stated that China has taken the lead in approving RCEP-the Regional Comprehensive Economic Partnership Agreement.
At present, technical preparations for the implementation of RCEP are progressing in an orderly manner. China is fully prepared and will fully fulfill its obligations when the agreement comes into force.
[Concurrent] Wang Shouwen, Vice Minister of Commerce
Now the Ministry of Commerce has sorted out the 701 binding obligations involved in the RCEP agreement in conjunction with relevant departments.
The Ministry of Finance and relevant departments have completed the conversion of China’s internal tariff commitment table. The General Administration of Customs has also begun to draft the RCEP origin implementation management measures, and the General Administration of Customs will also complete the technical preparations for domestic implementation in accordance with the six-month requirement , To coordinate with external consultations to be carried out simultaneously to ensure that the agreement can be implemented when it enters into force.
[Explanation] According to reports, Thailand has completed the RCEP approval with the exception of China. All RECP members have stated that they will strive to complete the approval process by the end of 2021. The goal is to promote the agreement to take effect on January 1, 2022.
At the meeting, Yu Benlin, director of the Department of International Economic and Trade Relations of the Ministry of Commerce, said that before RCEP, China had reached free trade agreements with ASEAN, South Korea, Australia and New Zealand.
The achievement of RCEP has given member states a new free trade relationship and tax reduction commitments, which will bring more benefits to Chinese companies.
[Concurrent] Yu Benlin, Director of the Department of International Economic and Trade Relations, Ministry of Commerce
ASEAN has significantly expanded the scope of zero-tariff products for our country, and enterprises will benefit from the new tax cuts.
Second, RCEP has added an important free trade partner for us, that is, Japan.
China and Japan reduce tariffs on products in many fields such as machinery and equipment, electronic information, and chemicals.
Third, our country’s importing companies will also enjoy benefits and better meet the consumption upgrade needs of the domestic market.
[Explanation] The Peterson Institute for International Economics in the United States predicts that by 2030, the total national income of RCEP member states will increase by US$186 billion, and the total annual export is expected to increase by an additional US$519 billion.
Wang Shouwen said that RCEP is conducive to trade, investment and economic development among the 15 member states.
As far as China is concerned, RCEP will provide strong support for China to build a new development pattern, and it will also help China to stabilize the basic market for foreign investment and foreign trade.
[Concurrent] Wang Shouwen, Vice Minister of Commerce
RCEP, through opening up trade and investment, will help China unblock the regional industrial chain and supply chain, better connect the domestic and international markets and two resources, help unblock the domestic cycle, and promote the domestic and international dual cycles.
After the RCEP takes effect, it means that nearly 30% of China's exports can achieve zero-tariff treatment.
In general, RCEP will promote the stability of foreign trade and foreign investment in China, and will also help China's economy move towards an advanced industrial level, help improve the quality standards of Chinese products, promote industrial upgrading, and promote the high-quality development of China's economy.
Reporter Liu Xuanting reports from Beijing
Editor in charge: [Li Yuxin]